It is a legitimate company. If you go to their "About" page, it cites examples where journalists and reporters have relied on the website as an objective source. Those examples can be confirmed. It's not perfect but it's better than nothing. NewsGuard has a similar idea and provides a web extension (free for Edge browser). Hopefully some accountability or shaming will promote better standards.

It's a scam in every way. They are not really fact checking. They are brainwashing you into believing that lies are true.

It's helpful, but it does seem to rate left and left-center sources more favorably than right and right-center sources.