Retiring Wise Blog

Written By: Austin Quinn

If you’ve researched One Reverse Mortgage, one thing you may know about us is that we have an A+ rating with the Better Business Bureau. But what does that mean?

Founded in 1912, the Better Business Bureau (BBB) is a non-profit organization created to advance marketplace trust. Comprised of over one hundred separately incorporated locations in the United States and Canada, this organization collects information and compiles reviews on millions of businesses in North America. The group also serves as an intermediary to handle disputes between businesses and consumers. To give consumers a better idea about the ethical and regulatory compliance of each reviewed business, the BBB also gives grade rankings from A+ to F. Since the BBB is not associated with any governmental agencies, it avoids bias by refraining from recommending particular businesses and products. The BBB also requires Accredited Businesses to adhere to the BBB Code of Business Practices, as we will discuss further below.

What Does it Take to Become an Accredited Business?

To become an accredited member of the BBB, individuals and companies must uphold a rigorous set of standards known as the BBB Code of Business Practices. Partners must acknowledge that their actions reflect on the bureau itself. As such, they must uphold these standards to protect their own reputation as well as the reputation of the bureau. Therefore, the BBB expects that all partners meet the following expectations:

  • Maintain Legal and Regulatory Compliance – All companies and individuals partnering with the BBB must comply with applicable laws and regulations in all countries in which they operate.
  • Build Trust – Every accredited business must maintain and preserve a positive reputation within the marketplace.
  • Advertise Honestly – Businesses must adhere to established advertisement principles and sales standards.
  • Honor Promises – All companies must abide by written agreements and verbal representations.
  • Be Responsive – Businesses must address marketplace disputes and settle these matters promptly and professionally.
  • Safeguard Privacy – Any and all customer information acquired by a business must be protected against mishandling, fraud, and theft. Businesses must also respect the privacy preferences of customers.
  • Embody Integrity – Each and every accredited member of the BBB must act with integrity and professional dignity in all business dealings and marketplace transactions.

What Does Our A+ Rating Mean?

The BBB rates each business from A+ to F based on how it is likely to interact with its customers. These ratings generally indicate how the business is perceived by the BBB, but the rating is also influenced by its public perception. The following factors are most influential in determining the business’ rating:

  1. Complaint History – The BBB will take into consideration both the volume and severity of the complaints levied against the business. Complaints are also measured proportionally based on factors such as the size of the business and its consumer base.
  2. Type of Business – If the business is perceived as raising marketplace concerns or operating outside of its proclaimed purposes, it may receive a lower rating.
  3. Time in Business – Companies that have been in business for many years and established solid reputations will likely earn higher ratings than others who have not. Reliability and consistency are important hallmarks of success and quality service.
  4. Transparency – Clarity and transparency are very important factors when determining the legitimacy of any business. Businesses must provide complete information about all major marketplace actions.
  5. Honoring Commitments – Each business must honor its commitments to its customers and to the BBB itself. Mediation settlements and arbitration awards are looked at with particular importance.
  6. Regulatory Compliance – Businesses must adhere to all regulations and licensing restrictions imposed by the governments in the areas in which they operate. If the government has taken punitive measures against it, this will reflect negatively on its rating.
  7. Honest Advertising – The BBB takes advertising very seriously. All marketing materials must honestly reflect the product or service presented and, when faced with scrutiny, must hold up to the BBB’s advertising challenges. Questionable advertising is identified most commonly through the monitoring of local media.

Our Credentials

One Reverse Mortgage has been an Accredited Business in the BBB since December 31, 2008. With an A+ rating, One Reverse Mortgage has upheld the high standards of the BBB, received relatively few complaints, and dealt with those complaints promptly. One Reverse Mortgage is also a member of the National Reverse Mortgage Lenders Association (NRMLA). Founded in 2001, One Reverse Mortgage is licensed in all 50 states and operates in 47.

Better Business Bureau does not endorse, sponsor, or is affiliated with ORM or its products.

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