FICO is set to include buy now, pay later loan data in its credit scoring products. These loans, which allow for installment payments without interest if paid on time, have gained immense popularity among consumers. In 2024, 15% of American adults reported using this payment method, with significant adoption among low- and middle-income individuals, women, millennials, and Gen Z. The integration aims to reflect changing financial management behaviors, as many users find these loans to be a convenient purchasing option.
The introduction of buy now, pay later data into FICO scores reflects its growing role in personal finance, impacting credit assessments significantly.
With 15% of American adults utilizing buy now, pay later payments, FICO aims to adapt its scoring to include this payment trend.
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