BBB Launches Enhanced Ratings Program to Build Consumer Confidence
by Steve Cypher on Wednesday, February 25th, 2009New BBB program replaces satisfactory and unsatisfactory ratings with a new system that assigns letter grades of A plus to F which will allow consumers to more easily identify the reliability of comparable businesses.
Why it matters
Buying a new or used vehicle is usually the second-most expensive purchase most people will ever make. If only for that reason, car shoppers should take the time to research all aspects of the buying process including credit, vehicle and financing options – including which web site to apply from, if that is what they plan to do. Here at Auto Credit Express, we’ve always felt that an informed consumer is our best customer. That’s why our company belongs to the Better Business Bureau and the BBB seal appears on our web site, www.autocreditexpress.com. This is why we were particularly interested in two press releases recently issued by both the Detroit BBB office and the Denver BBB office regarding a new rating system that will eventually be implemented across the country:
DETROIT, - In order to help consumers make better-informed decisions on where to spend their hard-earned dollars, BBB will now assign letter grades to local businesses ranging from A+ to F beginning on December 29, 2008. The letter grade system—which replaces a less-detailed scale of “satisfactory” or “unsatisfactory”— represents 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.
“Given the current tough economic conditions, consumers literally can’t afford to make bad buying decisions,” said Vickie Galpin, President & CEO of the BBB Serving Eastern Michigan. “These reports make it extremely easy and convenient for consumers to research and compare local businesses—before they buy.”
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 business’s rating are described in detail in BBB Reliability Reports™. Ratings factors include:
• The business’s overall complaint history with BBB, including the number and severity of complaints to BBB from customers
• 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
• Government actions against the business related to marketplace activities
• Advertising issues evaluated by BBB
• Whether the business is a BBB Accredited Business and has committed to BBB standards
Both BBB Accredited Businesses and non-accredited businesses in the Better Business Bureau’s database will receive a letter grade as part of their report.
Implementation
The Detroit release was dated February 6th, while a similar release from the Denver, Colorado, office was dated February 24th. Dale Mingilton, President and CEO of the Denver/Boulder BBB also suggested that, in addition to checking a company’s letter grade, consumers also read and consider the full BBB Reliability Report(TM), which includes more information and details.
“We also offer help to BBB Accredited Businesses in overcoming any deficiencies that might develop. We always recommend that every business consistently treat its customers in a fair and honest manner. And, if mistakes are made, take prompt and appropriate action to resolve issues as quickly as possible,” Mingilton explained. He added, “It is more important than ever for businesses to contact their BBB to make sure we have up to date and accurate company information.”
As the BBB rolls out this new rating system, Mingilton warns consumers about alternative screening or referral services that are profit-oriented and based on tiered advertising programs. These services typically do not investigate, nor help resolve complaints and therefore may result in unreliable and unverified information. Mingilton adds, “BBB is really the gold standard - everyone knows it. In fact, BBB ratings are used by these other services to prescreen businesses.”
The Bottom Line
In today’s world of online shopping and information sharing, it’s more important than ever to be able to trust the businesses behind the web sites to which you’re entrusting your private data. As a BBB Accredited Business, Auto Credit Express wants you to know that we adhere to the bureau’s standards of addressing customer concerns and resolving any disputes in a timely manner.
It really is amazing that some things never change