Multiple fintech companies are balking at sending buy now, pay later data to credit bureaus, citing concerns about whether these new credit products will be interpreted fairly for consumers.

• ✋ Klarna and Afterpay won't send BNPL data to the credit bureaus for now, WSJ reported today.
• "The goal is to ensure that no consumers are harmed by companies furnishing BNPL data," Financial Technology Association spokesperson Miranda Margowsky tells Axios.

⚠️ Between the lines: BNPL functions differently than credit cards and auto loans. And the companies are concerned that credit scoring methods used by the bureaus might not be sufficient to correctly interpret what the data says.

• Case in point: "If each BNPL loan is seen as opening a line of credit, that could ding creditworthiness," Margowsky says.

The other side: BNPL provider Affirm recently began reporting its loans to Experian and TransUnion, though its BNPL data isn't yet visible to lenders and doesn't affect credit scores.

• 🐥 🥚 It's collaborating with credit bureaus to bring the credit-reporting and scoring systems up to date, but it and the bureaus say they need the data from the industry first to make that happen, WSJ notes.

The bottom line: With over 90 million Americans expected to use BNPL for purchases this year, critics argue that existing credit scores paint an incomplete picture of an individual's likelihood to pay back loans.

Linda Yaccarino has a new gig, just a few short weeks after her exit as CEO of Elon Musk's X.

• 🤝 She's the new CEO of eMed Population Health, a 5-year old telehealth company focused on GLP-1s.
• "This is truly a transformational moment in preventative healthcare, and I'm energized by the opportunity to help lead what could become the most impactful health initiative of our time," Yaccarino wrote in a post on X.

Flashback: Musk hired the former NBCUniversal ad boss as the first permanent CEO of the platform formerly known as Twitter after he acquired it in 2022.

Go deeper

🍺 Molson Coors reduced its full-year earnings guidance for a second straight quarter, citing weakened consumer confidence. The alcohol company's U.S. sales declined by 5%. (Bloomberg)

🌮 Yum Brands sales fell short of expectations as ingredient costs rise and consumer demand softened. The company's Taco Bell chain has been a standout performer in recent quarters, but its same-store sales growth slowed to 4% for the period. (Reuters)

🕵️ Taiwan Semiconductor Manufacturing Company reported that certain current and former employees may have stolen trade secrets. Taiwan's Office of the High Prosecutor has detained at least three people. (NYT)

🚜 Caterpillar's second-quarter profit fell amid sluggish demand for construction equipment and rising costs. The company estimated that tariffs would cost it $400 million–$500 million in the third quarter. (CNBC)

A former member of the Rolling Stones says the Metropolitan Museum of Art in New York recently took possession of a guitar that was stolen from him.

• 🎸 Mick Taylor said the 1959 Gibson Les Paul instrument, which was donated to the museum this year, belongs to him.
• It has a "distinctive 'starburst' finish" and was played by Keith Richards during the Rolling Stones' first appearance on "The Ed Sullivan Show" in 1964 and was also played by Eric Clapton, according to AP.

The other side: "This guitar has a long and well-documented history of ownership," and there's no evidence it belonged to Taylor, museum spokesperson Ann Bailis said.

The big question: If it was stolen, how did that go down?

• "In the haze of drugs and rock 'n' roll that pervaded the sessions, a number of instruments went missing, believed stolen," AP reports.