We did it. We launched ratings. It's been a project more than four years in the making and we think we got the formula right. Why aren't we making a bigger deal out of it on the website and in the media? Because right now we are working diligently to make sure we got it right.
It's not the formula we are worried about at all. In fact, that's a very big point of pride. We have sixteen elements going into the calculation. Sixteen objective measurements of a company's performance. That's a very robust measurement of a company's performance. Some of the areas are pass/fail only, designed to help us get a big red "F" to the bad guys as soon as possible. For example, operating without a license? You fail. Operating in an illegal industry? You fail. Operating in a suspect industry? Well, we are going to throw some big cautionary flags to the consumer because we have discovered a significant number of problems affecting consumers in your industry. So if our calculations are so great, what are we concerned about? Our formulas are only as good as the data. And in some cases, we are discovering we'd like to have a little more data.
Most of the companies calling us concerned about their grade right now find that when they provide us with the start date of their company or the size of their business, it improves their grade. You see, we expect larger companies to get more complaints. But in order to apply that scale, we need the information. That was not the case in the past. So, while we have asked for this information from companies from time to time, they weren't necessarily motivated to provide it. Now they are. There is the additional benefit for the consumer now that they will have even better quality information when choosing who gets their money.
There are many sources in the marketplace now to help provide you with information on a company's performance. It is our mission to provide you with the most robust and objective evaluation to consider. The information you receive from the BBB is not based on someone's subjective opinion, but on facts and data that the BBB has evaluated. Ultimately, BBB Accredited Businesses have contractually made the commitment to operate with trust and integrity. But whoever you choose, we can't encourage you enough to avoid the big red "F"s!