Experian introduces credit report ‘locking’ feature

Ellie Duncan
12 Jan 2023

Global information services company Experian has launched a new feature, CreditLock, designed to enable customers to easily lock their Experian credit report, amid a surge in identity fraud in the UK.

Customers of Experian’s ‘CreditExpert’ and ‘Identity Plus’ products will be able to use CreditLock to ‘lock’ or ‘unlock’ their credit report, with a toggle switch in the app or online.

The feature will also issue real-time alerts to inform customers about any new credit searches in their name, and if it has stopped any fraudulent applications on their behalf.

Credit applications deemed high-risk, such as those for a loan, mortgage or credit card, will be blocked by a ‘locked’ report, although utilities and insurance applications will not be blocked by CreditLock.

Last year, research by Experian found that one in four UK adults have fallen victim to fraud, with 75% of UK adults having been targeted.

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.

In a recent Open Banking Expo Live Panel Debate, in association with Experian, speakers discussed fraud and how much of a priority it is for fintechs. Click here to watch ‘The future of digital lending and enablers for growth’ on demand.