Benzinga | Dec 20, 2021 11:41AM EST

Equifax To Include 'Buy Now, Pay Later' Payment Information In Consumer Credit Reports

* Equifax Inc (NYSE:EFX) will be making 'Buy Now, Pay Later' (BNPL) payment information part of consumer credit reports.

* The company has created the policy for acceptance of BNPL tradelines in consumer credit files through Consumer Data Industry Association (CDIA) Metro 2 guidelines.

* "Equifax will be the first credit reporting agency to formalize a standard process for reporting BNPL tradelines for inclusion on traditional consumer credit reports," said Mark Luber, Chief Product Officer for U.S. Information Solutions (USIS) at Equifax.

* BNPL products, also known as point-of-sale financing, offer short-term, interest-free installment payments at checkout.

* Equifax will implement a new "business industry code" for BNPL starting in the first quarter of 2022.

* Price Action: EFX shares are trading lower by 0.90% at $274.15 on the last check Monday.