Since the onset of COVID-19, many businesses have been scrambling to access capital to keep their doors open. PPP loans and other Coronavirus relief can only get companies so far. More than ever, owners turn to creative ways to finance their operations. Now, Credit Suite is an increasingly popular option. So, can you trust all of the positive reviews?
As of August 2020, less than 1% of users on TrustPilot have reported bad service from the brand. And, it’s pretty much the same on BBB and SoTellUs. Now, Before you take other peoples’ word for it, let’s examine the offering, determine what you would get yourself into if you signed up, and compare the service to other options.
This is what you’ll find here:
- What is Credit Suite?
- Credit Suite Complaints
- How Does Credit Suite Stack Up to Competitors?
- Final Takeaway
So, let’s get to it…
First, What is Credit Suite?
Credit Suite is a system, powered by Finance Suite™ software, designed to help businesses build credit and obtain capital through lines of credit and loans. Via their Partner Program, they also offer the software as a white label solution for B2B companies to help get capital for their customers.
In a nutshell, there are three services offered:
- Business credit building consultation
- White label business credit software
- Credit monitoring
Learn more about the complete offer before you decide if it’s right for you.
What Will the Service Help You Accomplish?
The goal of leveraging the Credit Suite system is to build and obtain credit for your EIN that is not linked to your SSN (no personal guarantee/credit check). You will learn about a DUNS number, discover a few net 30 vendors, and the rest of the basics of business credit.
The system used is based on a simple, 4-step framework:
- Build Business Credibility
- Establish Business Credit Reports
- Get Initial Business Credit
- Get revolving credit
Recommended: 7 most important steps of building your business credit profile so you can obtain business credit without showing financials!
By the end of your journey, the brand claims to help you get multiple revolving lines of credit from $5K to $50K each. And, their users seem to be pleased. Here are some of the features boasted by clients.
- Continuous contact from support via call, text, & email
- Business credit education
- An offer of $20K in personal credit
- A 5-month business credit program
- Exceptional customer service
And, as far as resources go, the blog has some decent info for beginners who want to learn about expanding their business credit options. For example, one recent topic is “Crowdfunding Terms You Should Know in a Recession.” They also share content about trade references and NAICS and SIC codes.
How Much Does Credit Suite Cost?
Credit Suite’s core offer to help you build business credit costs either $2,997 or 7 payments of $597 ($4,179).
The Partner Program, on the other hand, is classified as an investment and will cost more. This offer is broken down into two tiers:
- VIP: $4,497 or 8 payments of $697 ($5,576)
- Get business credit and financing
- Become a licensed partner (Finance Suite™ user)
- Leverage direct funding for your customers
- Ultimate: $6,497 or 9 payments of $897 ($8,073)
- Everything above
- Marketing funnels to boost your sales
Credit Suite’s Credit Monitoring Overview
If you’re only interested in seeing your business credit scores, the brand has a less expensive intro offer. Credit Suite’s credit monitoring software enables companies to monitor credit through D&B, Experian, and Equifax.
As a standalone product, the software costs $24 per month after a 30-day free trial. So, let’s compare this choice to your other business credit monitoring service options.
|MonitoringService||D&BReport||Experian Report||Equifax Report||Cost|
|Nav||Yes||Yes||Yes||Free to $49.99/mo|
As the above comparison shows, you have several free options to pull business credit reports. While you can pay to upgrade with most of these services to see advanced insights, including your business credit scores, I don’t usually recommend it. If, however, you might have some negative history to clear up, it can be a good idea.
The top competitor for Credit Suite’s credit monitoring solution is probably Nav. And, Nav’s paid monitoring services range from $30 to $50. While you might pay a few more dollars per month to access full reports and scores, you can see basic summaries at no cost. So, subscribe to Credit Suite’s monitoring service at your own risk.
Recommended: 2020 Nav Review: A Tool to Build Your Business Credit Score
Now, Let’s Look at Credit Suite Complaints
While the system mostly seems to satisfy users, it is not free from grievances. The most dirt I could find on Credit Suite had to do with their refund policies. Users who were apparently speaking to the Partner Program (not the core business credit building services) complained of being overcharged and/or not receiving a refund when they believed they were entitled to one.
Yet, in at least one case, a Credit Suite representative replied and claimed to have made an attempt to process the refund after all. So, this criticism should be taken with a grain of salt. All in all, the service maintains 4.5-4.8 out of 5 stars across the board.
If you are interested in the white-label business financing software options, I recommend shopping around. Check out Funding CEO, Blue Street Capital, and Mulligan Funding just to get an idea of how many fish swim in this sea.
And, How Does Credit Suite’s Core Offer Stack Up to the Key Competitors?
To play the devil’s advocate here, I might argue that businesses could save themselves a couple thousand dollars by diligently researching their options. These business owners would make sure they have the right fit because there are several worthy Credit Suite competitors. For example, Fund&Grow, LenCred, and many others offer similar business credit acquisition solutions.
|Credit Suite||Multiple revolving lines from $5K to $50K||$2,997 to $4,179|
|Fund&Grow||$100K to $250K||$3,997 or 9% of Funding Obtained|
|LenCred||$25K to $150K||5 to 10% of Funding Obtained|
|Business Credit Builders||$50K to $150K||$3,500|
|One-Stop Funding Solutions||$25K to $200K||$99 to $3,950|
|Midwest Corporate Credit||Up to $500K||8% of Funding Obtained|
Plus, some contenders have pretty amazing bonuses. Fund&Grow, for example, offers private getaways and vacations. So, I recommend studying the business credit building marketplace before you sign up.
The answer you’ve been waiting for: Can you believe the positive Credit Suite reviews? Probably.
It sounds like users are happy with their results and that Credit Suite’s customer service is impressive. The service is legitimate and seems capable of coaching you to get large lines of business credit, as long as you work the program. Furthermore, the white label service is a standout feature not offered by direct competitors.
However, I wouldn’t recommend the credit monitoring software that Credit Suite offers — I say check out Nav instead. And, if you’re interested in the white label product, reach out and talk to some people who have purchased it because there are many comparable finance software products that could be a better fit. Now, if you’re looking to boost your business credit score and obtain large business lines of credit without paying high origination fees, learn how to obtain $100K in business credit in 30 days.