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PSA: Apple Pay Later will appear on Experian credit reports starting today

The change goes into effect today.
By

Published onFebruary 28, 2024

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TL;DR
  • Apple and Experian have announced that Apple Pay Later loan information will start appearing on Experian credit reports.
  • This Pay Later loan information will be added to credit reports starting today.
  • Experian says, “the information won’t be factored into existing traditional credit scores but may in the future.”

Apple Pay Later is a popular buy now, pay later (BNPL) payment service that many people use. But if you’ve been relying on the service up to now, you may want to think twice before the next time you do. Starting today, Pay Later loan information will be recorded on your credit report.

In a blog post, Apple and Experian announced that Pay Later information will begin to appear on Experian credit reports. This information will be added to customers’ credit reports from today onward and can be found with a BNPL designation starting March 1, Experian explains.

Apple’s VP of Apple Pay and Apple Wallet, Jennifer Bailey, says this move has to do with transparency:

We designed Apple Pay Later with our users’ financial health in mind, and an important part of this is ensuring that their loans are reflected in their overall financial profiles. By reporting Apple Pay Later loans to Experian, we aim to help promote greater transparency and responsible lending for both the borrower and the lender, while providing users with the opportunity to further build their credit.

Experian points out that Pay Later loan information “won’t be factored into existing traditional credit scores.” For now, it will just serve as a way for lenders to see a customer’s BNPL history. However, it also adds that this information could affect credit scores in the future as “new credit scoring models are developed.”

This makes Experian the first credit bureau to report Apple Pay Later loans. It remains to be seen if others will follow Experian’s lead.

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