by John Darer CLU ChFC CSSC RSP CLTC
The Better Business Bureau is cracking down on individuals and businesses who place Better Business Bureau seals on their websites without a license to use the seal and/or accredation. The BBB is now displaying the names of violating companies to alert consumers.
In the past 18-24 months there have been numerous schemes to generate leads for the underregulated structured settlement secondary market. Some of these "latent" factoring companies use fictitious characters with fictitious academic credentials and in some cases it turns out, fictitious or misleading Better Business Bureau reports to draw in the unwitting consumer.
The Better Business Bureau seal can legally be displayed only with a license to do so. The seal must be set up so that consumers can click the seal and hyperlink directly to the correct BBB confirmation report. Use of the seal in print is permitted in newspapers, direct mail, directories, business cards, company stationary, pricing quotes, invoices, facsimile cover sheets and other business documents.
There is no place in the structured settlement industry for fraud. If you have worked for a company in the structured settlement secondary market and have ever been directed to falsify Better Business Bureau reports, please report this to your local Better Business Bureau or contact us.