BBBs nationwide are rolling out a new ratings system for Accredited Businesses on January 6, 2009. Using a matrix and algorithm across weighted factors, all businesses are earning a specific “A” through “F” letter grade rather than the general satisfactory or unsatisfactory BBB report language of the past.
The idea of rating a business “A” or “F” is a revolutionary shift for the BBB’s mission. Our reputation for decades has been based on the position that we do not endorse, recommend, or approve any business, product, or service. This is a core premise of the BBB’s role—and still true.
Reports include much the same data BBBs have always collected, but the summary letter grade is new. Ratings will be based on a variety of factors including the industry, size of the company, the length of time they have been in business, and the number and nature of complaints and responses.
With more data collected, more factors being weighted, and a much wider range of ratings (the letter grades include ‘plus’ and ‘minus’), there will be more comprehensive information about a company’s Reliability Report.