Hi all so my sister signed up to laybuy and she's called me in a state of panic as the app has a message stating awaiting credit check results. She is worried as she never actually applied for a credit facility and she was under the impression its the same as klarna etc and she just signed up to check what's available. I asked her if she got a warning that she will have a credit check but she said, all she did was just to sign up to the service via the app. Have looked online but cannot find any information with regards to the kind of credit check they do if its a soft or hard search. She didn't actually buy anything, which seems odd that they would then do a credit check!
Laybuy buy now pay later hard search?
- Thread starter tsobo
- Start date
Many thanks. My understanding is there are 2 types of credit checks, a hard and soft search. I'm trying to find out which one they actually do as the soft has less impact, in comparison to a hard search.
Yes that link is most helpful and indeed it appears they do. She's convinced she just thought she was signing up for a browse. Good thing she is just 18, so hopefully this will teach her to read anything and use Google, before she sings up to anything!Does Buy Now Pay Later (BNPL) affect your credit score? | Ocean Finance
Most Buy Now Pay Later companies report payment information to credit reference agencies. This means using BNPL schemes such as Klarna will affect your credit score.www.oceanfinance.co.uk
Sounds like they do a hard check when an account is opened.
Yes a simple one is fine, but a hard search isn't particularly great ws yes they're going to be applying for a mortgage! It will be the only hard search on her file though so should be OK. But what a waste as she didn't actually buy anything!
More info. Apparently the hubby has been using laybuy for years, and he is the one who told her about it. But for him as he's used it for a while, he didn't need a credit check, so assume because she has only just signed up, that's why she's had the search. All the same, teaches them both to read and research .