topic Re: Easy Pay Credit Reporting in Community Chat

Easy Pay Credit Reporting

Kachina624 — Fri, 04 Mar 2022 17:40:24 GMT

I heard on the news this morning that retailers who use extended payments like Easy Pay are going to start reporting your purchases on extended pay to all three credit bureaus. It was suggested that anything over 3 would be considered a negative report.

This really irritates me becuse, unless one fails to make payments, how can it have a negative impact? If merchants are doing this voluntarily, they may be shooting themselves in the foot. First they encourage buying on Easy Pay, then they report you for doing it? Bad business. It's likely to discourage buying for many customers.

There was no date given for this to start. They did mention TV shopping channels.

Re: Easy Pay Credit Reporting

Sooner — Fri, 04 Mar 2022 17:47:02 GMT

@Kachina624 I am really close to buying only things I really need. I'm tired of shipping and boxes and bags, I'm tired of checking billing statements and seeing errors, sending stuff back, and I have absolutely NO desire to go in stores and dig through anything.

Thanks for letting us know.

Re: Easy Pay Credit Reporting

fthunt — Fri, 04 Mar 2022 17:53:25 GMT

That is unbelievable....................

Re: Easy Pay Credit Reporting

Kachina624 — Fri, 04 Mar 2022 17:57:05 GMT

@Sooner Think of the possibility of errors having to be corrected with this credit reporting thing. The credit bureaus make multitudes of mistakes as it is without adding this to the mix. Something else to monitor.

Seems like merchants should be required to offer an option of the number of payments, as HSN does. Surely there would be a difference in score between 2 and 5 payments.

Re: Easy Pay Credit Reporting

Sooner — Fri, 04 Mar 2022 18:01:31 GMT

@Kachina624 wrote:

@Sooner Think of the possibility of errors having to be corrected with this credit reporting thing. The credit bureaus make multitudes of mistakes as it is without adding this to the mix. Something else to monitor.

Seems like merchants should be required to offer an option of the number of payments, as HSN does. Surely there would be a difference in score between 2 and 5 payments.

@Kachina624 I don't think we can expect anything to make sense now. and I'm very afraid of hacking in the near future. Be careful and print off important information!

Re: Easy Pay Credit Reporting

aroc3435 — Fri, 04 Mar 2022 18:08:23 GMT

@Kachina624 This practice will so hurt people who might have already low credit scores or do not have/qualify/or use credit cards.

But the big three credit monitors already know how to procure this information--or usually already have info on credit worthiness--so I don't see the logic from their vantage point. Unless they think inflation is going to have people running up big credit bills and defaulting.

Plus they each use different "scoring" systems on people and don't have much transparency. They were forced to correct errors on individual files some years back, if a person requested them to do so.

And it certainly won't be a help to retailers. And, as you say, as long as the customer pays on time for any easy pay purchase why would a customer be negatively scored?

I wonder if we need to have the credit business system be examined yet again to see if we need to have some new federal law reforms enacted vis-a-vis this new idea.

Seems as though the little guys never get any breaks for very long.

Thank you for posting this. Quite intriguing. I will be doing somee sleuthing to see what is promptting this and if, indeed, it is a "done deal"!

aroc3435

Washington, DC

Re: Easy Pay Credit Reporting

deeva — Fri, 04 Mar 2022 18:16:16 GMT

Probably because services like Klarna, and After Pay have become so popular.

Re: Easy Pay Credit Reporting

meallen616 — Fri, 04 Mar 2022 18:21:58 GMT

@Kachina624,

Thank you for posting this, and, many of your other posts also, much appreciated!

Re: Easy Pay Credit Reporting

Kachina624 — Fri, 04 Mar 2022 18:30:12 GMT

@deeva wrote:
Probably because services like Klarna, and After Pay have become so popular.

@deeva I've noticed advertising for extended pay from places I'm not familiar with. Yes, it does seem to have gained in popularity.

Re: Easy Pay Credit Reporting

buyornot — Fri, 04 Mar 2022 18:33:20 GMT

This was good information-thank you-I missed that!

Re: Easy Pay Credit Reporting

fthunt — Fri, 04 Mar 2022 18:36:33 GMT

Google has some info on this and indicates it will probably go forward sometime in the year. 2022 - 2023 ?? unclear

Re: Easy Pay Credit Reporting

Snowpuppy — Fri, 04 Mar 2022 18:39:19 GMT

Looks like right now it's only Affirm and Afterpay plan on reporting to Equifax according to CNBC. But before long I'm sure others will follow.

I haven't used either of those but I have used PayPal's Pay in 4 a couple of times.

Will be skipping this now, too!

Re: Easy Pay Credit Reporting

Carmie — Fri, 04 Mar 2022 19:01:54 GMT

To avoid this, use PayPal.. They allow ez pay if you use their credit. They do not seem to report to any credit bureau. I have been using them for years.

i pay with PP on my credit card, debit card, checking account and also their credit system. I do not have a PP credit card, but they do offer one. You do not need their CC to use their EZ pay service.

They will also pay for returns up to 12 each calendar year.

i like using PP for online purchases because merchants do not have my CC Info.

Re: Easy Pay Credit Reporting

icezeus — Fri, 04 Mar 2022 19:14:15 GMT

I need more information on this. I only use my Visa Debit card for any easy pays that I take on. So I am not sure how this would apply to QVC or HSN purchases.

Re: Easy Pay Credit Reporting

RespectLife — Fri, 04 Mar 2022 19:19:02 GMT

Well, that will wipe my Credit score down to 0!!

I use 5 or 6 ez pay on everything!

Re: Easy Pay Credit Reporting

aroc3435 — Fri, 04 Mar 2022 19:48:58 GMT

@RespectLife And that's my point about the "little guy" being penalized for being budget conscious and using this kind of pay to stay within one's means and pay off the installments on time as agreed to, or paying off in full early once the item has been received and proved satisfactory.

I used to use installment payments much more frequently, but in the last year or two I haven't as much as I did years ago.

aroc3435

Washington, DC

Re: Easy Pay Credit Reporting

RespectLife — Fri, 04 Mar 2022 20:08:44 GMT

@aroc3435

I still do since I shop too much! LOL I'm working on that!

At this point in my life, I'm not super concerned for myself. I won't be taking any major loans, etc.

However, as you mentioned, this could hurt the 'little guy'!!!

Re: Easy Pay Credit Reporting

Sage04 — Fri, 04 Mar 2022 20:12:59 GMT

@icezeus wrote:
I need more information on this. I only use my Visa Debit card for any easy pays that I take on. So I am not sure how this would apply to QVC or HSN purchases.

@icezeus I thought about the same thing. I also use my Visa Debit Card only. It would be good to know if this would only apply to Credit Cards.

Re: Easy Pay Credit Reporting

SharkE — Fri, 04 Mar 2022 20:26:04 GMT

don't have to use easy pay.

Re: Easy Pay Credit Reporting

SilleeMee — Fri, 04 Mar 2022 20:35:44 GMT

I wonder if PayPal Credit, Affirm and others like that will be reported. Some CC companies like Chase and PayPal Mastercard offers their 'easy pay' plans as well. Could get complicated.