On Wednesday 1 June, Klarna will start sharing data with credit reference agencies. Payl8r MD Samantha Fogerty said: “For years we’ve been calling for greater regulation within the BNPL industry, and we’re delighted to hear that at long last, from June, Klarna will be reporting consumer spending to credit reference agencies.
“As one of the longest running BNPLs in the UK, Payl8r has understood the benefits of being regulated from day one meaning we’ve always shared this type of data with credit reference agencies. FCA guidance helps us lend responsibly and helps our customers manage their money, building their credit profile as they go. It’s a more ethical and responsible model that’s always worked for us, our retailers and our customers.
“Add to this our use of Open Banking to assess a customer’s affordability it’s easy to see why the sector is moving towards a model that Payl8r has always lived and lent by.”