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Experian launches tool to protect your credit score from potential scammers

Find out how the tool works, and other ways to protect yourself against identity theft
Experian Credit Lock tool

Credit reference agency Experian has launched a tool on its app and website that allows you to ‘lock’ or ‘unlock’ your credit report. 

The tool, called CreditLock, can be turned on or off at the click of a button, and is designed to give you an additional layer of protection against identity theft when applying for a form of credit that requires a credit check beforehand.

Keep reading to get the details on how CreditLock works and who can use it, as well as advice on what other steps you can take to help protect your personal data.

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Experian CreditLock: how does it work?

CreditLock gives you the ability to control who can access your Experian credit file, allowing you to hide it from potential identity thieves by shielding it from public view. 

Certain credit applications – including for a loan or credit card – will be automatically blocked when your report has the ‘locked’ status. 

CreditLock will also give you real-time alerts that let you know about any credit searches in your name, as well as whether Experian has stopped any fraudulent applications on your behalf. But it is only designed to stop certain types of applications, and will not block utilities and insurance applications.

Your credit report can be instantly ‘unlocked’ using the same toggle either in the app or online, so it's easily accessible if you're making a genuine application for credit.

Experian told Which? that the new feature gives customers an ‘extra layer of protection, which in turn can help to protect their credit score,’ and that a fraudulent application blocked by CreditLock will have no impact on a person’s credit score. It added that there aren't currently any similar tools on the market in the UK. 

The tool is available to any Experian customers in the UK who have signed up to CreditExpert or Identity Plus services, which come at a monthly cost – although new customers can take advantage of a free 30-day trial.

​What is a credit score?

Your credit score is a three-digit number that essentially indicates how reliable you are at repaying and managing money you've borrowed, which providers use to gauge whether they're willing to lend you money.

The rating is calculated using a points system based on the information in your credit report, which reveals how you've previously managed your debts and bills.

Credit reports are compiled by credit reference agencies (CRAs), and the three main agencies in the UK are Experian, Equifax and TransUnion.

Companies that can legitimately look at your credit report include:

  • banks
  • debt collection agencies
  • insurance firms
  • mobile phone companies
  • mortgage providers
  • lenders and creditors 
  • utility companies.

What is a 'good' credit score?

There's no such thing as a universally 'good' credit score. Each lender has a different system in place to decide whether or not to accept you as a customer, meaning you could be turned down by one but successful with another.

Each CRA also uses a slightly different scale. For example, a score of less than 560 is 'very poor' with Experian, but 'good' with Equifax.

How to improve your credit score

There are several actions you can take to improve your credit score. For instance, if you haven't registered to vote, this is a quick option that can boost your score – and not registering means means you could find it difficult to get credit. This is because the electoral roll is used to confirm that you live at the address given in your application, which is a key part of the identity checks that lenders have to carry out.

It's also best to avoid multiple credit applications in a short space of time. So, if you've recently been turned down for credit, it's unwise to apply for another credit card or loan immediately, as multiple applications over a short period of time may suggest to lenders that you're in financial difficulty. It's a good idea to spread out loan and credit card applications by at least three months. 

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How to check your credit score

It's good practice to keep a watch on the information being recorded in your credit report – ideally checking it once a month to make sure the information it contains is accurate and up to date.

You have the right to get your statutory credit report for free through each of the three main CRAs (Equifax, Experian and TransUnion).

If you notice any mistakes on your credit report, it's important to get them rectified as soon as possible to ensure they aren't dragging down your credit score unnecessarily, which could have an adverse effect on future credit applications.

While these statutory reports offer a snapshot of your credit history, they don't include a credit score. The three main CRAs all offer more comprehensive services for a monthly fee. 

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Other steps to avoid identity theft

Identity theft is when someone's details are stolen and can then be used to commit identity fraud – when a stolen identity is used to obtain goods or services by deception.

Fraudsters can use your identity details to do things such as open a bank account, obtain credit cards, loans and state benefits, order something in your name, take over your existing accounts, take out a mobile phone contract, and obtain genuine documents like passports and driving licences in your name.

As 9% of people surveyed by software firm GDG said they’d personally been the victim of identity fraud in the past 12 months, with 4% of those people having a new loan taken out in their name, you should take what precautions you can to help avoid the same happening to you.

There are some simple steps you can take to protect yourself against identity fraud:

  • Watch out for unexpected emails and phone calls: If you receive communications from what appears to be your bank or building society asking for your security details, never reveal your full password, login details or account numbers. Banks will also never ask for your Pin, or for a whole security number or password, either over the phone or via email. 
  • Create strong passwords: Don’t use the same password for every website you log in to.
  • Shred sensitive documents: Don’t throw out anything containing your name, address or financial details without shredding it, as scammers have been known to go through bins to find personal information.
  • Get your post redirected: If you move home, arrange for Royal Mail to redirect your post for at least a year to stop your documents ending up in the wrong hands.
  • Be wary on social media: Don’t accept invitations from people you don’t know, and double-check that your social media profiles are private.
  • Check photos: Be careful not to post any pictures showing your car number plate or other personal details that could be used by fraudsters.
  • Be careful when using public wi-fi networks: Never use them to access sensitive apps or sites, including mobile banking, as they are often not secure.

Find out more: identity theft – what it is, and how to avoid it