Equifax: Facebook fan page

BKV, Inc.

ENTRY INFORMATION

Category: Financial Products and Services
Country where program ran: USA
Date program started/ended: July 2009 to March 2010

Product Description: Equifax is the oldest consumer credit reporting agency in the United States, and offers a host of personal solutions to help consumers manage their credit, debt, and personal identity.

Advertiser/Client Name: Equifax
Media Channels: Social Networking
Website: http://www.facebook.com/Equifax

STRATEGY

Marketplace Challenge:

Equifax is the oldest consumer credit reporting agency in the United States, and offers a host of personal solutions to help consumers manage their credit, debt, and personal identity. We have worked with Equifax to go beyond simply selling products, and focused on helping educate consumers about credit, debt, and identity theft through newsletters, educational Web content, and free credit tools. Despite these consumer outreaches, Equifax and the Credit Reporting Industry have been plagued with misconceptions regarding privacy of consumer information and their role in lending practices. To help further Equifax's consumer outreach, combat misconceptions and increase brand awareness, we decided to create an Equifax Facebook Fan Page in the spring of 2009. Prior to development, our team did extensive research to understand the landscape of companies like Equifax on Facebook. Equifax's primary competitors, Experian and TransUnion did not have an active presence on Facebook as a credit reporting agency. Experian did have a page for many of its sub-brands, including FreeCrediReport.com, but these were not clearly connected with Experian as a credit reporting agency. In the case of the FreeCreditReport.com fan page, the page was more pop-culture oriented than built around providing a service to consumers. Through our pre-launch research, it was also clear that for some brands on Facebook (such as Walmart) the brand fan pages were mainly just sounding boards for complaints against the company. While we wanted to provide our current and prospective customers with a new level of accessibility and transparency, we were also aware that credit bureaus are regularly plagued with complaints and consumer scrutiny. As such, we built a communication strategy around keeping as much positive content on the page as possible, while also quickly addressing any negative comments in a friendly yet professional manner.