Is it safe to register with Experian?

Posted on: 29 Jul 2024

Is it safe to register with Experian?

Experian is one of the three credit bureaus that operate in the United States alongside Equifax and TransUnion. Such companies gather information on the credit behavior and repayment status of consumers within respective regions. It is summarized in credit reports and scores, which the lenders apply when assessing the creditworthiness of the applicants. Registering for any of the Experian services gives you clearance to your credit reports and scores with Experian. This is very useful in marketing however it also requires that one give out a lot of personal detail. This raises the natural question: Should you trust Experian enough to provide your information after registering with them?

Experian Credit Information: What Information Is Collected?

Experian as one of the ‘three major credit reporting agencies’ gathers vast and detailed financial and identity information of consumers from banks, credit companies, collection agencies, and other credit reporting entities who supply credit data. The major categories include:

Your basic data – Your complete legal name, current and prior residential addresses, date of birth, social security numbers, and phone numbers.
Credit report information – This is all regarding your credit accounts; and details of all your credit cards, loans, mortgages, etc. That includes the credit limits, account balance, payment history, any defaults, bankruptcies, and other negative records.
credit reports – Details of the bankruptcies, the foreclosures, tax liens, court judgments, and other records that are available in the public offices.
These include; Inquiries – Those creditors and lenders who have asked for your credit reports with Experian or other bureaus. They remain on your reports for two years.

In short, Experian has full file details on your credit and financial history and the means of verifying your identity through name, address, social security number, date of birth, and so on. To access its services, registration usually involves producing personal information such as your SSN. As you can imagine, this comes with a few worries about identity theft and data privacy.

What Can Happen If You Share Your Information with Experian

By registering with Experian and giving up sensitive personal information, you incur certain risks:

Credit card fraud – Identity thieves can retrieve your credit report details and open accounts in your name, charge many items on the credit card, or even apply for credit cards to earn points and cashback. According to the research done, victims of identity theft spend numerous hours and money to correct the situation.
Data breaches - Every company database is vulnerable to hacking, regardless of how well it is protected. The Experian servers could be compromised and your financial records siphoned off, similar to what transpired in the company’s infamous T-Mobile data breach in 2015 that affected 15 million retail customers.
Junk faxes – Experian provides copies to lenders and other merchants, who wish to promote their financial services and products including credit cards, insurance, and loans that the consumer may not need. This leads to increased cases of spam and annoyance through calls and emails.
Inaccurate credit reporting – This can arise in situations where credit reports that reduce your scores are incorrect and lead to loan denials. Dealing with the mistakes in Experian credit reports can at times be time-consuming.
Expensive subscription costs – Although one does not need to pay to sign up for an Experian credit report, to access the full credit report as well as credit scores, one has to pay for monthly subscriptions. Their IdentityWorks identity protection also has high subscription costs for its service.

By accessing this site and or any of its pages, you acknowledge and agree that Experian’s Security and Privacy Standards apply.

However, Experian also invests substantial resources in data security and compliance processes to gain consumer trust:

Secure storage of data – Experian ensures that the customer data they hold is stored safely through measures such as end-to-end encryption and firewalls that make the data almost impossible to decipher when stored and when transferring them. This eliminates the ease with which an outsider can breach vital information.
Restricted user data access – Only the employees with privileges to access users’ information for purposes such as responding to their complaints are allowed to do so. Physical access to servers is controlled as the machines are located in secure locations to prevent tampering.
Compliance monitoring and certification – Experian systems, networks, and data management procedures are subjected to third-party assessments that confirm that they meet high-security compliance levels such as SOC 2 Type 2 and ISO 27001.
Tight laws about consumer rights – At the consumer level, Experian is bounded by laws such as the Fair Credit Reporting Act, Equal Credit Opportunity Act, and Gramm-Leach-Bliley Act amongst others that relate to consumer’s rights regarding data privacy and credit reporting that should not be unfair to the consumer based on the credit report. Individuals may opt out of unwanted marketing messages, as well as, obtain free annual credit reports.
Assistance with the theft of identity – Users of the registered identity have full access to the identity theft resolution assistance from Experian free of charge. The financial loss and the impact of false identity are also explained, as well as how victims can report the fraud to the police and restore their credit.

So is registration safe enough alone?

Experian has surely had severe past breaches that led to the theft of consumer data. Nevertheless, it has also spent a large amount of money on reinforcing its cybersecurity and improving data governance. Sundry benchmarking surveys associate it with some of the best credit bureaus in compliance and efficiency.

There are no foolproof ways of protecting oneself from identity theft and data breaches in society today. However, responsible behavior and precautions are a little better for a reasonably decent safety level. If you take care of your existing finances, sign up for credit alert monitoring services, ensure you use good passwords for your records, beware of scams, and act fast to report any suspicions, providing your information to Experian should not expose you to unbearable risks. It may even be helpful to you because it can allow you to view your complete credit reports and monitor your identity theft protection.

Call now for expert credit repair services: (888) 803-7889

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