Buy Now, Pay Later loans will soon affect some credit scores
NEW YORK (AP) — Hundreds of millions of 'Buy Now, Pay Later' loans will soon affect credit scores for millions of Americans who use the loans to buy clothing, furniture, concert tickets, and takeout.
Scoring company FICO said Monday that it is rolling out a new model that factors the short-term loans into their consumer scores. A majority of lenders use FICO scores to determine a borrower's credit worthiness. Previously, the loans had been excluded, though Buy Now, Pay Later company Affirm began voluntarily reporting pay-in-four loans to Experian, a separate credit bureau, in April.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Toronto Sun
2 hours ago
- Toronto Sun
Trump says U.S. has signed a deal with China on trade, without giving details
Published Jun 27, 2025 • 3 minute read President Donald Trump speaks during an event to announce new tariffs in the Rose Garden at the White House on April 2, 2025, in Washington. Photo by Mark Schiefelbein / AP BANGKOK — The U.S. and China have signed an agreement on trade, President Donald Trump said, adding he expects to soon have a deal with India. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Commerce Secretary Howard Lutnick told Bloomberg TV that the deal was signed earlier this week. Neither Lutnick nor Trump provided any details about the agreement. 'We just signed with China the other day,' Trump said late Thursday. Lutnick said the deal was 'signed and sealed' two days earlier. It was unclear if the latest agreement was different from the one Trump announced two weeks earlier that he said would make it easier for American industries to obtain much-needed needed magnets and rare earth minerals. That pact cleared the way for the trade talks to continue, while the U.S. agreed to stop trying to revoke visas of Chinese nationals on U.S. college campuses. China's Commerce Ministry said Friday that the two sides had 'further confirmed the details of the framework.' But its statement did not explicitly mention U.S. access to rare earths, minerals used in high-tech applications that have been at the centre of the negotiations. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. 'China will approve the export applications of controlled items that meet the conditions in accordance with the law. The United States will cancel a series of restrictive measures taken against China accordingly. It is hoped that the United States and China will meet each other halfway,' it said. The agreement follows initial talks in Geneva in early May that led both sides to postpone massive tariff hikes that were threatening to freeze much trade between the two countries. Later talks in London set a framework for negotiations and the deal mentioned by Trump appeared to formalize that agreement. 'The president likes to close these deals himself. He's the dealmaker. We're going to have deal after deal,' Lutnick said. This advertisement has not loaded yet, but your article continues below. China has not announced any new agreements, but it announced earlier this week that it was speeding up approvals of exports of rare earths, materials used in high-tech products such as electric vehicles. Beijing's limits on exports of rare earths have been a key point of contention. The Chinese Commerce Ministry said Thursday that Beijing was accelerating review of export license applications for rare earths and had approved 'a certain number of compliant applications.' Export controls of the minerals apparently eclipsed tariffs in the latest round of trade negotiations between Beijing and Washington after China imposed permitting requirements on seven rare earth elements in April, threatening to disrupt production of cars, robots, wind turbines and other high-tech products in the U.S. and around the world. This advertisement has not loaded yet, but your article continues below. China also has taken steps recently on the fentanyl issue, announcing last week that it would designate two more substances as precursor chemicals for fentanyl, making them subject to production, transport and export regulations. Trump has demanded that Beijing do more to stop the flow of such precursor ingredients to Mexican drug cartels, which use them to make fentanyl for sale in the U.S. He imposed 20% tariffs on Chinese imports over the fentanyl issue, the biggest part of current 30% across-the-board taxes on Chinese goods. The agreement struck in May in Geneva called for both sides to scale back punitive tariff hikes imposed as Trump escalated his trade war and sharply raised import duties. Some higher tariffs, such as those imposed by Washington related to the trade in fentanyl and duties on aluminum and steel, remain in place. This advertisement has not loaded yet, but your article continues below. The rapidly shifting policies are taking a toll on both of the world's two largest economies. The U.S. economy contracted at a 0.5% annual pace from January through March, partly because imports surged as companies and households rushed to buy foreign goods before Trump could impose tariffs on them. In China, factory profits sank more than 9% from a year earlier in May, with automakers suffering a large share of that drop. They fell more than 1% year-on-year in January-May. Trump and other U.S. officials have indicated they expect to reach trade deals with many other countries, including India. 'We're going to have deal after deal after deal,' Lutnick said. Toronto Raptors Sunshine Girls Music Canada Celebrity
Winnipeg Free Press
2 hours ago
- Winnipeg Free Press
Key inflation gauge rose last month while Americans cut back on spending
WASHINGTON (AP) — A key inflation gauge moved higher in May in the latest sign that prices remain stubbornly elevated while Americans cut back on their spending. Prices rose 2.3% in May compared with a year ago, up from just 2.1% in April, the Commerce Department said Friday. Excluding the volatile food and energy categories, core prices rose 2.7% from a year earlier, an increase from 2.5% the previous month. Both figures are modestly above the Federal Reserve's 2% target. At the same time, Americans cut back on spending for the first time since January, as overall spending fell 0.1%. The inflation figures suggest that President Donald Trump's broad-based tariffs are still having only a modest effect on prices. The costs of some goods, such as toys and sporting goods, have risen, but those increases have been partly offset by falling prices for new cars, airline fares, and apartment rentals, among other items. Monday Mornings The latest local business news and a lookahead to the coming week. On a monthly basis, in fact, inflation was mostly tame. Prices rose just 0.1% in May from April, according to the Commerce Department, the same as the previous month. Core prices climbed 0.2% in May, more than economists expected and above last month's 0.1%. The weakness in spending in part likely reflects reduced purchases of cars and other manufactured goods after Americans stepped up their spending on those items this spring to get ahead of tariffs.
Winnipeg Free Press
3 hours ago
- Winnipeg Free Press
German minimum wage set to rise by about 14% over the next 18 months
BERLIN (AP) — Germany's minimum wage is set to rise by about 14% over the next 18 months under an agreement that appears to defuse a potentially divisive issue for the new government. A commission in which employers and labor unions are represented recommended on Friday that the minimum wage rise from its current 12.82 euros ($15) per hour to 13.90 euros at the beginning of 2026 and 14.60 euros a year later. The head of the panel, Christiane Schönefeld, said it faced 'a particular challenge this year in view of the stagnating economy and the uncertain forecasts.' She said it conducted 'very difficult talks, which were complicated further by the expectations expressed in public.' Germany, which has Europe's biggest economy, has had a national minimum wage since 2015. It was introduced at the insistence of the center-left Social Democrats, who were then — as they are now now — the junior partners in a conservative-led government. It started off at 8.50 euros per hour, but the independent commission reviews its level regularly. There has been one political intervention, however: under then-Chancellor Olaf Scholz, a Social Democrat, the government in 2022 ordered an increase to 12 euros an hour, fulfilling a campaign pledge by Scholz. In their campaign for this year's election, the Social Democrats called for an increase to 15 euros. New Chancellor Friedrich Merz's conservative bloc strongly opposed another government-ordered raise. Monday Mornings The latest local business news and a lookahead to the coming week. Labor Minister Bärbel Bas, a leading Social Democrat, said she would implement the commission's proposal. She said she 'can live well with it.' 'Of course we wanted more for people in this country,' she told reporters. But she praised the panel for reaching consensus on an increase, 'because it looked for a long time as though we wouldn't get an agreement at all, and then of course we would have had to talk in the coalition about how to deal with this.'
