UK, 12th January 2023: Experian has today launched CreditLock, a new feature that will enable customers to lock their Experian Credit Report at the touch of a button. The launch comes following data that shows 1 in 4 UK adults have fallen victim to fraud, with 75% of UK adults having been targeted, highlighting the scale of the problem in the UK. (1)
CreditLock allows CreditExpert and Identity Plus customers to ‘lock’ or ‘unlock’ their Experian Credit Report using a toggle switch in the app or online. (2) Certain high-risk credit applications (such as a loan, mortgage or credit card) will be blocked by a ‘locked’ report. (3)
The report can be instantly ‘unlocked’ using the same toggle either in the app or online. This means it is instantly accessible if the consumer wishes to make a genuine application for credit.
Using real-time alerts, the feature will also let customers know about any new credit searches in their name, and if it has stopped any fraudulent applications on their behalf.
A fraudulent application blocked by CreditLock will have no impact on a person’s credit score.
Jayne Sankoh-Beacom, Head of Product Management at Experian said: “With the cost of living continuing to increase, and fraud statistics on the rise, it’s more important than ever for people to protect their Experian Credit Scores. The addition of CreditLock enables our customers to better protect themselves against possible identity theft.
“Our goal is to create products that help improve people’s financial wellbeing and give them more control over their finances. With this new feature we can now give our customers that extra layer of protection against identity fraud.”
Note to Editors:
(1) According to research by Walnut Unlimited commissioned by Experian in April 2022 and the Citizens Advice bureau.
(2) CreditExpert, which helps people improve and understand their credit scores is available for £14.99 a month, whilst Identity Plus which gives people enhanced fraud support is available for £6.99 a month. For both products eligible new customers can have a 30-day free trial.
(3) CreditLock will only stop certain applications. Utilities and insurance applications will not be blocked by CreditLock, as well as any applications that go through alternative checking agencies.
Source: Experian press release