Build Business Credit Apps
Build business credit apps are an invaluable way for businesses to establish or strengthen their credit. Business credit can open doors to better loan opportunities with lower fees. There are various methods available to businesses looking to establish or increase their business credit such as opening net-30 accounts that report directly to credit bureaus or using services such as eCredable Lift to build or improve it.
1. Nav Business Boost
Nav Business Boost is an outstanding app for any small business owner looking to monitor and improve their credit scores and increase chances of loan and credit card approval. While the free version provides access to limited reports and grades (A to F), upgrading will give full reporting as well as credit alerts 24/7 – as well as matching you up with loans, lines of credit, or credit cards through Nav’s data-driven financing marketplace.
Nav offers both free standard accounts and premium plans with upgrade capabilities for an affordable monthly subscription price. A premium plan allows you to monitor and download reports from Experian and TransUnion business credit bureaus; receive monthly business score reports; as well as 24/7 alerts when anything changes with either bureau. Plus, tradeline reporting to major bureaus ensures every bill paid via your Nav Business Boost account will appear as an individual tradeline on its credit reports!
2. eCredable Lift
eCredable Lift is one of the more popular apps for building business credit available today, and provides you with an opportunity to link multiple utility accounts at once, reporting payments directly to credit bureaus such as Equifax, Creditsafe and Ansonia – plus your subscription payment itself is reported as an active tradeline to Dun & Bradstreet and Experian!
eCredable Lift is tailored specifically for start-up and micro-businesses without much in the way of an established business credit history, whose primary source for funding may be personal guarantees and loans secured with personal liability attached as collateral – an issue which limits their credit capacity and potential. By helping establish their business credit profile with major business bureaus more quickly, eCredable Lift helps these organizations transition more seamlessly to using their own credit.
eCredable Lift claims to boost a business’s VantageScore (based on TransUnion) by 30 points, moving average customer scores from “poor” to “fair.” While this represents an impressive improvement, using just this service alone wouldn’t likely get your score into good range.
3. Credit Strong Business
Credit Strong is a secured-lending fintech that provides business credit builder loans. Loans reported to major consumer credit bureaus come equipped with an escrow/savings account – unlike Self and Kikoff which doesn’t report directly to business credit bureaus but claims plans to do so in future.
Users have given this company high marks for ease of use based on user reviews and an intuitive product, but their loans incur interest expenses which can become costly – this is common among credit-builder products.
Another unique benefit of the company is that it does not require a credit check or ChexSystems inquiry to determine eligibility for their loans, making this option appealing to small business owners who have trouble being approved for bank loans but want to avoid incurring extra costs through soft inquiries.
Credit Strong’s business cash back card allows small businesses to gain rewards for paying bills on time while improving cash flow. Furthermore, they have a list of suppliers and vendors who offer easy-to-qualify net-30 accounts on items like office, shipping and cleaning supplies that businesses frequently purchase anyway.
4. Credit Suite
Credit Suite is a business credit service that helps small businesses acquire loans and lines of credit through a large network of investors, as well as white label financing to assist companies who wish to offer business credit services directly to their customers. Their 14 financing options feature various rates and terms.
They offer entrepreneurs who have been declined from banks or don’t have enough capital available to them another option an alternative source, a great chance of securing funds without using bank credit lines or taking out large lines of credit through them. Many users have rave reviews for them. They guide customers through the process of creating business credit and getting large lines of credit approved.
What sets them apart is their expertise in helping establish companies to meet lender credibility standards, such as creating a 411 listing and opening up separate business bank accounts. Furthermore, they maintain a list of vendors and lenders who will report to business credit bureaus – giving their clients greater odds of financing approval.
They assist their customers in creating business reports with each of the major credit bureaus, such as Dun & Bradstreet, Experian Business and Equifax Commercial. Furthermore, they can help customers secure initial vendor tradelines without personal guarantees as well as more advanced revolving trade credit lines through them. Nav also offers business credit monitoring as an additional service but this requires paying an additional fee on top of what their core offering entails,
You can compare business credit services and more here.