FICO's New Credit Score Plan May Hurt BNPL Users Who Pay Late

FICO will launch a credit score model this fall that includes Buy Now Pay Later (BNPL) loans, potentially impacting late payers. BNPL's popularity has grown, with 60% of users holding multiple loans at once, and 41% paying late at least once in the past year. Experts warn that late payments will soon affect credit scores, which determine borrowing limits and interest rates. To preserve credit scores, BNPL users should pay on time, avoid overspending, and monitor their credit reports.