Afterpay does not affect your credit score or credit rating, full stop. We don’t believe in preventing people from accessing Afterpay because they may have had an old debt from a long time ago. And we don’t believe that missing a payment with Afterpay should result in a bad credit history - especially when the average purchase is only around $150 (which may surprise you). Our main aim is always to help you spend responsibly, and we take a lot of steps to help ensure this, including pausing your account when you miss a payment.
We have started working with the New Zealand credit bureau, Centrix as part of their new PayWatch initiative for the Buy Now Pay Later industry.
PayWatch is not a traditional credit check and will not impact your credit score. Paywatch is designed to protect customers from taking on additional Buy Now Pay Later debt when they may be struggling with existing debts.
As part of PayWatch, Afterpay will notify Centrix if you have a payment which is overdue by 7 days or more. Although this will leave a footprint on your credit file, it will not impact your credit score. But it means that another Buy Now Pay Later company can become aware of your overdue payments with us if you are applying for a new account with them. Once you are up-to-date with your payments, your Paywatch status will be updated. Paywatch information is updated daily.
If you would like to read more about Afterpay’s participation in the PayWatch initiative, you can click here.