Acuity National Real Estate Solutions is proud to have an A+ Rating from the Better Business Bureau (BBB). Perhaps you’ve seen other businesses tout their good ratings as well. But what do they mean? How prestigious are they? And what exactly sets businesses that receive A+ Ratings apart from the rest. You’re in the right place to find out!
The Better Business Bureau: A Short History
The BBB has an impressive 100-year history of protecting consumers, regulating businesses, and strengthening marketplace trust. Founded in 1912, this non-governmental nonprofit consists of over 110 independent chapters throughout America and Canada, with an international headquarters in Arlington, VA.
In addition to its active work in mediating disputes between organizations and customers — handling over 850,000 cases per year — the BBB also maintains a nationwide database of letter-grade (A+ through F) business ratings to allow consumers to make informed choices on their purchase habits. The organization’s website states that these ratings are based on information the Bureau is able to obtain about the business, including public complaints and adherence to the Code of Business Practices. But what are the specific factors considered when these ratings are assigned?
BBB Ratings: The Formula
The BBB’s rating system consists of a proprietary formula that weighs 17 different factors. Many of these factors are quantitative (i.e. measurable and systematic), such as the business’s field of operation, its length of existence, professional licensing, and total number of formal complaints (adjusted by overall number of customers served). Other examples include the number of complaints whose resolution was delayed or dropped, government sanctions, and a sustained pattern of failure to address complaints. The other ranking factors are more qualitative and up to the judgment of BBB regulators, such as the relative severity of the complaints, truthfulness in the business’s advertising policies, and the extent and quality of available background information.
In almost all cases, the BBB rating is driven by consumer feedback (specifically that of complaint history). While the 17 factors are each separate and discrete, they are weighted differently: ultimately, nearly 85% of the final score is determined by the Bureau’s verification and evaluation of customer complaints, as well as the business’s proficiency in resolving them.
A+ BBB Ratings: An Indicator of Excellence
For a business to receive an A+ rating, it will exhibit consistently excellent customer service and proactive dedication to resolving any problems. As mentioned, this portfolio of consumer care is the single most important factor in determining the final grade. Other “bonus” factors can also work in a business’s favor, such as length of operation (indicating experience and trustworthiness), professional accreditation on the part of the staff or overall company (indicating proficiency in its chosen field of industry), and willingness to make information publicly available (indicating confidence in its own operational integrity).
More about Acuity National Real Estate Solutions
A technology-driven title insurance company serving lenders across the nation, Acuity National Real Estate Solutions provides innovative, forward thinking strategies to streamline closings, increase compliance and improve efficiency. For more information on our services, please visit our homepage today.