Raleigh, NC (PressExposure) January 12, 2009 -- Formula Uses 16 Factors to Grade Businesses
The Better Business Bureau (BBB) of Eastern North Carolina (www.bbb.org) announces today it is launching improved BBB Reliability Reportsâ¢, which include a more detailed A+ through F letter-grading system replacing the previous ratings scale of âsatisfactoryâ or âunsatisfactory.â
BBB provides reports on more than four million businesses online and free of charge at http://www.bbb.org. The new letter-grades are prominently displayed to help consumers more quickly identify and compare the reliability of businesses.
âGiven the tough economic conditions, consumers canât afford to make bad buying decisions and are looking for more detailed information about businesses,â says Beverly Baskin, president and CEO of the Better Business Bureau of Eastern North Carolina. âBBBâs improved reports provide detailed insight into a businessâs track record based on in-depth research and consumer reported experiences.â
BBBâs proprietary ratings formula takes into account 16 weighted factors, using objective information and actual incidences of a businessâs behavior that have been verified and evaluated by BBB professionals. Ultimately, a letter-grade rating represents BBBâs degree of confidence that a business is operating in a trustworthy manner and will make a good faith effort to resolve any customer concerns.
The rating takes into account whether the business model and industry violates the law, misrepresents products and services, is likely to generate trade practice concerns, and/or has high levels of customer dissatisfaction.
Additional operation-specific rating factors are:
â¢ The type of business and its business model â¢ How long the business has been operating â¢ The extent of background information available to BBB for evaluation â¢ Whether the business has appropriate competency licensing â¢ The extent to which BBB is able to develop a clear understanding of the business â¢ Any advertising issues found by BBB â¢ Government actions against the business â¢ Whether the business has attained BBB Accredited Business status â¢ An overall complaint analysis
o Total volume of complaints filed against the business
o The number of serious complaints
o The number of unanswered complaints
o The number of complaints with delayed resolution
o The number of unresolved complaints â¢ Whether the business has honored any mediation/arbitration commitments â¢ Whether the business has had its BBB Accreditation revoked
âBBB has been providing information people can trust for nearly 100 years,â adds Baskin. âBBB Accreditation and letter-grade ratings are valuable new resources consumers can start with when looking for trustworthy businesses.â
For more information, visit http://www.bbb.org.