Community Chat

[Kachina624]

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.

[Sooner]

@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.

[fthunt]

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

[Kachina624]

Spoiler

@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.

[Sooner]

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@Kachina624 wrote:

Spoiler

@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.

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@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!

[aroc3435]

@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 

[deeva]

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

[meallen616]

@Kachina624,

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

[Kachina624]

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@deeva wrote:

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

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

[buyornot]

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