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Buy Now Pay Later has a credit problem. Not a credit quality problem -- a credit data problem. When a first-time user clicks "Pay in 4" at checkout, traditional lenders would run a bureau pull, check a FICO score, and make a decision in a few seconds...

Credit models are only as good as the features feeding them. And the uncomfortable truth in most lending operations is that those features are hours old by the time they influence a decision. A borrower who opened three payday loans yesterday afterno...
