Shoppers using buy now, pay later must have protections like credit card users: prompt refunds, billing statements, and payment pause during investigations, per Consumer Financial Protection Bureau.
The CFPB will treat buy-now, pay-later companies like Klarna and Affirm as credit card providers, ensuring rights and responsibilities under the law are upheld.
Buy-now, pay-later firms are not required to report to credit bureaus, a distinction allowing growth without much disclosure on scale or riskiness.
#consumer-financial-protection-bureau #buy-now-pay-later #credit-card-protection #financial-regulation #credit-access
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