Skipping a loan payment through your credit union's seasonal program won't hurt your credit score. It will extend your loan and add interest you won't see until later.

Klarna and Afterpay typically run a soft credit check that doesn't touch your score. Affirm's longer installment loans and PayPal Credit run a hard one. The difference determines whether your BNPL habit shows up elsewhere.

Millions of Americans use buy now, pay later loans that have never touched a credit report. That's ending this fall, and regulators are already asking hard questions.