A business watchdog that determines the legitimacy of businesses is going after companies that have no record of wrongdoing.
The Better Business Bureau (BBB) is known as an entity where people can check the trustworthiness and reputations of different businesses.
Whereas now it is trying to stop legal financial entities, despite promoting a Palestinian-based terror group Hamas by giving an “A” grade rating to a non-existent company, named after the same terror group.
Pro-Hamas Group Goes After Legal Businesses
The rise of internet-based and telemarketing scams has increased the need for entities like BBB, where people usually find the authenticity of businesses to avoid getting scammed.
However, due to rising business scams, the BBB website has become a home of unsatisfied consumers who post about their bitter experiences with different businesses.
Now, the BBB is raising false alarms about legitimate and established financial businesses, which is detrimental for both business owners and their consumers.
According to a new BBB study, many scammers are trying to impersonate legitimate financial businesses. So, the nonprofit organization is pushing lawmakers to come up with a policy that will end small and short-term loans in America.
Reportedly, the BBB wants a policy that will introduce a cap of 36% on all APR loans. However, economic and political experts believe the BBB report has some deep flaws.
Firstly, the organization is promoting a partisan issue backed by far-left radical politicians, including Democratic Congressman Chuy Garcia.
Secondly, the introduction of any cap on APR loans will hinder the ability of traditional banks and small credit unions, which offer lower rates for loans to serve average Americans.
“The BBB is a scam,” they said, referencing someone’s F rating for sending creamy seafood salad through the mail.
That battle is The Lord’s.
— Melanie Dione (@thegates0fmel) August 26, 2022
Even Liberal Politicians Ask to Close Down BBB
Most information on the BBB website remains outdated, even today. For instance, the organization slammed New Mexico for allowing rates of 175% on debts, but the state already lowered its cap to 36% almost a year ago.
Furthermore, some economic experts pointed out BBB forgets the poor loan policies of those debt collectors, which comply with the 36% APR rules.
One such company is Lending Club, which adheres to 36% APR loans, but it is one of the largest companies which is impersonated by scammers.
This is not the first time BBB is making headlines for its controversial behavior. In 2010, a Los Angeles-based business taught the nonprofit organization an unforgettable lesson.
— fangdangle74 (@sleepybull74) February 19, 2019
Reportedly, the BBB was giving favorable ratings only to businesses paying a membership fee of $425.
So, an LA businessman launched a new company named Hamas, paid a $425 membership fee to the BBB, and got an “A” grade rating from the organization.
The ghost business was named after a Palestinian-based terror group, Hamas, which often launched rocket attacks against Israel.
As the BBB is running a pay-to-play racket in which it only gives favorable ratings to its paid customers, many public policy experts are suggesting consumers ignore the ratings given by the BBB.
A Democratic senator from Connecticut, Richard Blumenthal, asked the BBB to stop misleading consumers through its shady rating system.