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The introduction of these scores comes as concerns grow about consumers' ability to afford purchases made through buy-now, pay-later plans, with an annual survey by the Federal Reserve finding a sharp increase in people falling behind on payments last year.
“Buy-now, pay-later loans are playing an increasingly important role in consumers’ financial lives,” said Julie May, vice president and general manager of B2B scores at FICO. “By capturing a broader view of consumer credit behavior, lenders believe they can make more informed decisions, ultimately benefiting both the industry and consumers.”
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