Infact reposted this
#BNPL's potential goes far beyond just offering convenient payment options, could it be the unexpected hero of financial inclusion? Building a credit profile is a slow, frustrating process, especially for those new to credit, new to the country, or working to rebuild their financial reputation. BNPL is often more accessible than traditional credit products, opening doors for consumers who might not qualify for conventional credit cards or loans. Shorter terms and more frequent payments could potentially help consumers build credit profiles more quickly than traditional monthly-payment products. 0% interest options make them a safer choice for consumers looking to build credit without the risk of high interest charges. However, to truly harness the potential of BNPL for credit building, we need a modernised credit reporting system. And that's where a real-time credit bureau comes in. By capturing BNPL data in real-time, we can: 📌 Provide a more accurate picture of a consumer's current financial behaviour 📌 Reward responsible BNPL usage with immediate positive impact on credit profiles 📌 Quickly identify and prevent potential over-indebtedness 📌 Offer lenders a more comprehensive view of a consumer's creditworthiness At Infact, we're working to bridge this gap, creating a real-time bureau that can fully capture the potential of BNPL and other modern financial products for credit building. Imagine a world where a series of successfully repaid BNPL transactions could help a young person qualify for their first car loan, or where someone rebuilding their credit could see tangible improvements in their credit score within weeks, not months or years. This is the future we're building – a future where credit building is faster, fairer and more inclusive. #BNPL #ConsumerDuty #Affordability