Media Contact: Janet C. Hart, CFEE (704) 927-8617 office
Some companies earn an A+ and others get an F
CHARLOTTE, N.C. – Jan. 6, 2009 – In order to help consumers make careful pre-purchase decisions, The Better Business Bureau today announced a new letter grade system for all local businesses with grades ranging from A+ to an F. The letter grade system replaces the BBB’s “satisfactory” or “unsatisfactory” ratings system. The new grading system focuses more clearly on the BBB’s degree of confidence that the business is operating in a trustworthy manner and will make a good faith effort to resolve customer concerns.
Consumers can research the grades of more than 70,000 local businesses by reviewing BBB Reliability Reports, which are available online and free of charge at www.bbb.org. In addition to noting the business’s letter grade, BBB Reliability Reports also include details about integrity and performance, such as the number of complaints a business has received, their response to complaints, and details on any government actions against the business.
“Given the current tough economic conditions, consumers literally cannot afford to make bad buying decisions,” said Tom Bartholomy, president and CEO of The Better Business Bureau of Southern Piedmont. “These reports make it extremely easy and convenient for consumers to research and compare local businesses — before they buy.”
The BBB’s proprietary ratings formula takes into account 16 weighted factors, using objective information and actual incidences of a business’ behavior that have been verified and evaluated by BBB professionals. Specific issues affecting a company’s rating are described in detail in BBB Reliability Reports, including
- <!--[if !supportLists]-->The company’s overall complaint history with the BBB, including the number and severity of complaints to the BBB from customers.
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- Whether complaints have been resolved in a timely manner or the business has demonstrated a good faith effort to resolve them.
- How long the business has been operating and whether it meets appropriate competency licensing requirements.
- <!--[if !supportLists]--><!--[endif]-->Government actions against the business related to marketplace activities.
- <!--[if !supportLists]--> <!--[endif]-->Advertising issues evaluated by the BBB.
- <!--[if !supportLists]--> <!--[endif]-->Whether the business is a BBB Accredited Business and has committed to BBB standards.
Rating factors also take into account BBB’s opinion as to whether business models and industries operate in violation of the law, misrepresent products and services, and are likely to generate trade practice concerns and/or have high levels of customer dissatisfaction.
As part of its strategy to build trust in the marketplace, BBB also recently changed the way businesses affiliated with the organization were designated, from “BBB Member” to “BBB Accredited Business.” The “Accredited” designation highlights the fact that businesses have been evaluated by the BBB and have contractually agreed to meet and uphold the BBB’s high standards for integrity and reliability when dealing with consumers.
Both BBB Accredited Businesses and non-accredited businesses in the BBB’s database received a letter grade as part of their report.
For more information on BBB ratings and to find out which local businesses made the grade, go to www.bbb.org.
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About The Better Business Bureau
The BBB is an unbiased, non-profit organization that sets and upholds high standards for fair and honest business behavior. Businesses that earn BBB accreditation contractually agree and adhere to the organization’s high standards of ethical business behavior. The BBB provides objective advice, free business BBB Reliability Reports and charity BBB Wise Giving Reports, and educational information on topics affecting marketplace trust. To further promote trust, the BBB also offers complaint and dispute resolution support for consumers and businesses when there is difference in viewpoints. The first BBB was founded in 1912. Today, 126 BBBs serve communities across the U.S. and Canada, evaluating and monitoring nearly four million local and national businesses and charities. Please visit www.bbb.org for more information about BBB.