Typically, consumer reporting agencies only develop such a feature when prompted to by legislation. The credit freeze locks the data at the consumer reporting agency until the individual gives permission for the release of the data. ( September 2017) ( Learn how and when to remove this template message)Ī credit freeze (also known as a security freeze) allows an individual to control how a consumer reporting agency (also known as a credit bureau: Equifax, Experian, TransUnion, and Innovis) is able to sell personal financial identity data. You may improve this article, discuss the issue on the talk page, or create a new article, as appropriate. Learn more at or visit our global content hub at our global news blog for the latest news and insights from the Group.The examples and perspective in this article deal primarily with the United States and do not represent a worldwide view of the subject. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index. We have 21,700 people operating across 30 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. Utilities and insurance applications will not be blocked by CreditLock, as well as any applications that go through alternative checking agencies.Įliza Odire-Boadi, Consumer PR Manager, Experian UK&IĮxperian is the world’s leading global information services company. CreditLock will only stop certain applications. For both products eligible new customers can have a 30-day free trial. 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. According to research by Walnut Unlimited commissioned by Experian in April 2022 and the Citizens Advice bureau. With this new feature we can now give our customers that extra layer of protection against identity fraud.” “Our goal is to create products that help improve people’s financial wellbeing and give them more control over their finances. The addition of CreditLock enables our customers to better protect themselves against possible identity theft. 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. 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.Ī fraudulent application blocked by CreditLock will have no impact on a person’s credit score. This means it is instantly accessible if the consumer wishes to make a genuine application for credit. The report can be instantly ‘unlocked’ using the same toggle either 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. 1ĬreditLock allows CreditExpert and Identity Plus customers to ‘lock’ or ‘unlock’ their Experian Credit Report using a toggle switch in the app or online. 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. UK, 12 th 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.
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