BBB Business Review

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This business is not BBB accredited.

Norwood Lending Agency

63 Wharf St, Morgantown, WV 26501 ! There is an alert on Norwood Lending Agency !


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BBB Accreditation

This business is not BBB accredited.

Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.

To be accredited by BBB, a business must apply for accreditation and BBB must determine that the business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses must pay a fee for accreditation review/monitoring and for support of BBB services to the public.


Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that lowered the rating for Norwood Lending Agency include:

  • Length of time business has been operating
  • BBB concerns with the industry in which this business operates

Factors that raised the rating for Norwood Lending Agency include:

  • Complaint volume filed with BBB for business of this size
  • Response to 1 complaint(s) filed against business
  • Resolution of complaint(s) filed against business


Customer Complaints Summary Read complaint details

1 complaint closed with BBB in last 3 years | 0 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 0
Billing/Collection Issues 1
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 0
Total Closed Complaints 1

Customer Reviews Summary Read customer reviews

0 Customer Reviews on Norwood Lending Agency
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

BBB file opened: October 09, 2012
Contact Information
Customer Contact: Mr. Craig Criegton , CEO
Business Category

ADVANCE FEE BROKERS

Additional Information

As of October 1 ,2012 the BBB has received numerous calls regarding Norwood Lending Agency. The BBB investigation revealed that Norwood Lending charges an upfront fee in order to obtain a loan, and asks that the funds be wired via Western Union.  Consumers should understand that this company offers advance fee loans which are illegal in the US and Canada.  Anytime a company asks for money up front, even if they provide a check to pay the fee, it is illegal.  BBB investigation revealed that Norwood Lending Agency does not reside at the Morgantown WV office they list.

On October 4, 2012, Attorney General Darrell McGraw announced that his office successfully shut down a fraudster's website that was offering "advance fee" loans. Consumers reported that a group calling itself Norwood Lending Agency held itself out as a financial institution and offered "guaranteed" loans regardless of credit history. The group operated a sophisticated website and claimed to be based in Morgantown, West Virginia, using a telephone number with a 304 area code. The Attorney General’s investigation revealed that the company was actually operating in Canada, but was "spoofing" its telephone number to appear local using voice-over Internet Protocol technology. Investigators at the Consumer Protection Division located the owner of Norwood’s domain registrar, which cooperated with McGraw’s office to completely shut down the fraudulent website. Consumers are often targeted by advance-fee scams wherein fraudsters ask victims to pay cash up front to obtain loans of $1,000.00 or more. Once the fee is paid, however, consumers never receive a loan and never hear from the business again.  

Industry Tips
Advance Fee Loan Offers
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BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.
Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.