American Banker has reported that beginning in the next few weeks, Equifax will add a business industry code for buy-now-pay-later (BNPL) transactions to allow such transactions to appear on credit reports.  It also reported that TransUnion is working on its own BNPL credit reporting service.

The growth in consumer use of BNPL is leading to

At the end of last week, the CFPB sent orders to five companies that offer buy-now-pay-later (BNPL) products directing them to provide information to the Bureau.  The orders were issued as market monitoring orders under the Dodd-Frank Act, which directs the Bureau to monitor for risks to consumers in the offering or provision of consumer