Senate Democrats, led by Sen. Elizabeth Warren (D-Mass.), are requesting information from top U.S. credit bureaus on how they handle data tied to customers’ use of Buy Now Pay Later services.
In a letter dated Monday, Democrats said they were concerned by the growth of BNPL lending combined with a lack of standardization on how credit bureaus analyze the data to determine creditworthiness. The letter was sent to the CEOs of Experian, Equifax and TransUnion.
“Until all relevant parts of this industry align on the use of BNPL data, consumers are left in limbo where BNPL data from a subset of lenders is provided to a subset of credit
