Consumer credit campaign

I Marketing campaigns

consumers

Media

EnterpreneursRAISING

CONSUMERS` AWARENESS ABOUT

THEIR RESPONSIBILITIES

AND RIGHTS

KEIT HINTSSeptember, 2013 TALLINN

Responsible lending survey at 2012

7 banks (credit cards, small loans);

10 non-bank financial institutions (quick loans);

4 telecom service providers;

9 retail stores that provide payments by instalments

Objective of the survey

Define the information that lenders acquire from the consumers

Survey the lenders` behaviour regarding Standard European Consumer Credit Information form

Determine whether and to what extent the consumer's ability to repay the loan is assessed

Survey whether and to what extent the lenders provide adequate pre-contractual explanations

Payment by

istal-ments in telecom

14% Payment by

istal-ments in

retail20%

Credit cards

(banks)16%

Quick loans34%

Un-se-

cured small loans from

banks16%

87 mystery shopping's…

Standard European Consumer Credit Information Form

100%

68%

53%

25%

0%

20%

40%

60%

80%

100%

Non-bank, n=30 Retail, n=26 Bank, n=19 Telecom, n=12

Result AVERAGE (70%)

7%

32%

20%

42%

0%

20%

40%

60%

80%

100%

Non-banks, n=30 Retail, n=26 Bank, n=19 Telecom, n=12

Results AVERAGE (22%)

Adequate explanations about the credit agreement

Information about 14-days withdrawal right

0%10% 7%

17%

0%

20%

40%

60%

80%

100%

Non-bank, n=30 Retail, n=26 Bank, n=19 Telecom, n=12

Result AVERAGE (7%)

Warning regarding the consequences of missing payments

4%0%

7%

25%

0%

20%

40%

60%

80%

100%

Non-bank, n=30 Retail, n=26 Bank, n=19 Telecom, n=12

Result AVERAGE (7%)

Did trader assess consumer awareness and need for explanations

4%

17%

27%

8%

0%

20%

40%

60%

80%

100%

Non-bank, n=30 Retail, n=26 Bank, n=19 Telecom, n=12

Result AVERAGE (13%)

Objectives of the campaign

. Raise the awareness about the Consumer Protection Board of Estonia as a partner and adviser for the participants of consumer environment.

2. Raise consumers’ awareness about their responsibilities and rights.

3. Turn more attention to the risks concerning buying periodical mobile content services by the Internet and telecommunication channels.

Turn more attention to the risks concerning consumer credit

Raise consumers’ awareness about their responsibilities and rights

Turn more attention to the principle of responsible lending

Motivate consumers to ask and analyse Standard European Consumer Credit Information Sheet before making a loan decision

Targeting…

CONSUMERS

TRADERS MEDIA

About the campaign

Duration:

Media campaign and supportive PR activities 1 – 30 November 2012

Media campaign:

TV commercial

Facebook including short survey about consumer lending behaviour

Google adwords

Campaign website www.laenatargalt.ee

YouTube spot „What to consider before taking a credit“

PR activities (articles; interviews; public roundtable with market players)

TV commercial

http://www.youtube.com/watch?v=0Y_UCuwXH1o&feature=player_detailpage&list=UUOTFy6F2PucxZ_lZZWwsuoA

Thank you!

Keit HintsConsumer Protection Board of Estonia

Keit.hints@tarbijakaitseamet.ee