FreeCredit's Band Gets the Hook

Experian is looking to sing a new tune with the launch of a Web site called freecreditscore.com. In the process, the credit bureau is parting ways with the band made popular in its ubiquitous freecreditreport.com ads, and kicking off a search for a replacement.With the launch of freecreditscore, Experian is shifting its focus from credit reports to credit scores. Using a different band in new ads reflects that transition, said Chris Moloney, svp and CMO of Experian's U.S. consumer direct unit. The company is spending between $10-15 million on the effort. "[Freecreditscore] is going to be our premier brand. We found that there's a desire for people to get their credit score, especially in a tough economy," Moloney said. "That's the focus of the brand -- to address that need."Moloney stressed that Experian is not shutting down freecreditreport, a service that offers daily credit report monitoring and alerts of key changes. Rather, the client is broadening the message based on a "general hot topic for Americans," he said. Past ads featured the band singing about issues that appealed to twentysomethings -- like getting cars loans. The new ads, created by IPG's The Martin Agency, address broader topics.Freecreditreport's ads last year were challenged by the Federal Trade Commission, when the government organization released online videos telling consumers that the FTC is the only one that offers credit reports without hidden fees. When asked if Experian is shifting focus to a new service due to the FTC's claims, Moloney said no. "We're diversifying our products and we haven't eliminated a product because of regulatory reasons," he said.As part of the new campaign, Experian is holding live band searches in three cities -- New York, Chicago, and Los Angeles -- to select bands that will compete online for the grand prize. On May 20, Experian will open the search to other bands through online submissions; consumers will get to vote for their favorites. Ultimately, four finalists will be chosen and unveiled at the MLB All-Star Game on July 13. Each of the final bands will get its own TV spot during the game, per Experian. The winning band will be announced in early August, and will walk the red carpet at the MTV Music Awards in September.The effort also includes a social media component, which, according to Moloney, will play a major role in building buzz for the new band. Experian has created Facebook and Twitter pages, and is putting the entire campaign on YouTube once the ads become available. Additionally, a character named Roadie Jack will have a presence on Twitter and Facebook to update consumers on the band search.Meanwhile, the old band will be phased out, Moloney said. "We aired about 75,000 ads between network and cable TV with the old band. So they had a good run," he said. The farewell ad is a mashup of the familiar freecreditreport commercial, which shows the current band playing at a Renaissance Fair. Then lightning strikes and a voiceover announces: "After three years we're saying goodbye to this band, and with your help we're saying hello to a new one." The ad then directs consumers to freecreditscore.Brad Strothkamp, an analyst at Forrester Research, said Experian's strategy is in-line with rising consumer knowledge about credit scores. But the company faces growing competition in the space from firms such as SmartCredit.com, which offers a service similar to freecreditreport. Strothkamp said a bigger issue for Experian is consumer dissatisfaction with services like freecreditreport. "Consumers sign up for the service and it does not turn out to be what they expected. They go there expecting a free credit report and [are] immediately up-sold to a 'for-pay' service," he said. "It will be interesting to see what happens once the new campaign hits."

Brand Marketing

FreeCredit's Band Gets the Hook

Elena Malykhina

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Elena Malykhina