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How ‘buy now, pay later’ affects your credit score

A man wearing a face mask due to the COVID-19 pandemic walks through a shopping arcade, usually packed with tourists, in the central business district of Sydney on December 24, 2020. (Photo by Saeed KHAN / AFP) (Photo by SAEED KHAN/AFP via Getty Images)
Most Australian BNPL users don’t truly understand the product they’re using. (Photo by SAEED KHAN/AFP via Getty Images).
SAEED KHAN via Getty Images

Nearly half of all buy now, pay later (BNPL) users don’t understand how those products affect their credit score, with potentially devastating consequences.

New research from BNPL service Openpay found that 62 per cent of BNPL users think all providers conduct a credit check to assess affordability, while 74 per cent think paying off a BNPL plan…

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