Experian has launched its CreditLock feature which will enable customers to lock their credit report through a single integration.
The new feature utilises Experian’s CreditExpert and gives Identity Plus customers the option to lock or unlock their credit report via a toggle switch in the Experian app or online.
Certain high-risk credit applications, such as a loan, mortgage or credit card, will be blocked by a ‘locked’ report through a fraud detection system.
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.”
The launch comes following Experian data that shows one in four UK adults have fallen victim to fraud, with 75% of UK adults having been targeted, highlighting the scale of the problem in the country.
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.
Experian notes that a fraudulent application blocked by CreditLock will have no impact on a person’s credit score.
Sankoh-Beacom added: “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.”