Struggling with debt can be a daunting experience for many people. For these individuals a solution may seem out of reach as they search for a way to better their financial situation.
In fact, a recent report published by the Federal Reserve says Americans currently are $13.2 trillion dollars in debt.
An even more astounding figure shows that 73% of people end up dying with an average debt balance of nearly $62,000, according to data provided by Experian credit bureau.
One solution to avoid this lifelong sentence is through debt consolidation. By combining several high-interest debts into a single low payment, people can save money while efficiently managing financial obligations.
Some people are hesitant to work alongside debt consolidation companies due to falsified beliefs propagated on the internet. Evaluating the trustworthiness of a business is of the utmost importance when it comes to validating the legitimacy of corporations.
That’s where the Better Business Bureau (BBB) comes in. As an unbiased, third-party organization, the BBB can provide consumers with the confidence needed to choose reliable companies.
What is the Better Business Bureau (BBB)?
The BBB originated in the early 1900’s as a group dedicated towards the goal of establishing integrity and honesty in the marketplace. People can rest assured that organizations backed by the BBB are upheld to the strictest of ethical standards.
The BBB is a highly trusted, third-party entity that assigns grades to businesses, charities, and non-profit organizations. The rating system implemented by the BBB uses a letter grade system of A+ through F to represent the BBB’s confidence that a business is operating in a legitimate and faithful manner.
Which Businesses are Eligible for BBB Accreditation?
According to BBB’s official website, the following is required for eligibility:
- You have been in business at least six months
- You have the required bonding and licenses in your jurisdictions
- You have no unresolved customer complaints
- You have no governmental ethics violations
- You fulfill all contracts and promises made through business practices and advertising
- You follow governmental and BBB advertising laws and codes
The BBB uses specific criteria and qualifications as a means of establishing legitimacy and trust with consumers.
How Does the BBB Rate Businesses?
The BBB rating system is similar to grading systems found throughout the educational system. Grades of A+ through F are assigned based on the degree of confidence that a business is operating in a faithful manner.
A proprietary formula uses 17 different factors culminating in a letter grade assigned to that business. Complaint history is a driving factor in the letter grade rating, accounting for nearly 85% of the total grade. Having an A+ rating means there are currently zero legitimate complaints outstanding.
As 100 point scale is used to assign the following letter grades:
- A+ (97 to 100)
- A (94 to 96.99)
- A- (90 to 93.99)
- B+ (87 to 89.99)
- B (84 to 86.99)
- B- (80 to 83.99)
- C+ (77 to 79.99)
- C (74 to 76.99)
- C- (70 to 73.99)
- D+ (67 to 69.99)
- D (64 to 66.99)
- D- (60 to 63.99)
- F (0 to 59.99)
In order to be a BBB accredited business, organizations must abide by the following standards:
- Build trust in the marketplace
- Advertise honestly
- Tell the truth
- Be transparent
- Honor promises
- Be responsive
- Safeguard privacy
- Embody integrity
The BBB code ensures consumers are dealing with businesses that practice sound advertising, selling, and customer service practices.
Benefits of the Better Business Bureau (BBB)
Obtaining accreditation with the BBB shows a company’s willingness and commitment to truthful advertising and the highest level of integrity. Having the BBB seal of approval means that consumers can be assured that businesses are committed to the highest of accountability standards.
The BBB tracks more than 5.4 million businesses using strict guidelines and specifications helping give individuals peace of mind.
Finding the right debt consolidation solution is critical when it comes to repairing your credit and restoring your life.
That’s where Debthunch comes in. With an A+ rating from the BBB, Debthunch has a tireless commitment to customer loyalty and satisfaction backed by 18 years of experience operating at the highest level of consumer finance.
With the smartest debt consolidation solutions available, Debthunch will instantly review your application and provide the best debt consolidation solution available.
Forget making minimum monthly payments with high interest rates. Let Debthunch guide you to financial independence today.