In the realm of finance and business, Nav has maintained its reputation as a prominent player. But, what exactly is Nav, and why has it garnered significant attention?
Whether you’re just starting your business, or you’re in a growth phase, you’re probably going to need financing at some point. To get that financing, you’ll need to know the health of your personal and business credit.
Without a birds-eye view of your credit, you’ll create more work and headache for yourself when you apply for credit and loans – besides potential rejection, you could end up locked into disadvantageous contracts.
In this article, we will delve into the depths of Nav to provide you with a thorough understanding of its offerings, reputation, and more.
Sign up for a Nav Account!
Here’s what’s in store:
- What Kind of Company is Nav?
- What Happened to Nav Business Boost & Nav Loan Builder?
- Business Credit Building Features of Nav
- Should You Sign Up for a Nav Prime Account?
- Frequently Asked Questions
- Final Thoughts: Here’s Why I Love Nav
Now, let’s roll!
What Kind of Company is Nav?
Nav is like a handy financial helper for business owners. It’s a business credit platform that’s here to assist businesses with money stuff. Whether you’re just starting to learn about business credit or you’ve been managing your business credit profile for a while, Nav is here to make things simpler.
At its core, Nav does a few important things. It helps you keep an eye on your credit, which is like your money report card. It tells you how well you’re doing with money. Plus, it shows you ways to improve your finances and business credit.
Nav is known for its user-friendly website and app, offering business owners a straightforward path to financing. It provides access to personal and business credit reports from major consumer and commercial credit bureaus, including Experian, Dun & Bradstreet, Equifax, and TransUnion.
The platform serves as a robust marketplace featuring over 100 business financing products, including loans and credit cards. What sets Nav apart is its lender-neutral approach, ensuring that business owners can find the best financing options tailored to their needs.
Nav is also good at helping businesses find loans and lines of credit. Like when a business needs cash to grow or do something new, Nav can point them in the right direction to find that cash.
Think of it like CreditKarma for businesses.
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Nav Company Overview
Draper, Utah-based Nav Technologies, Inc. (aka Creditera), Nav’s parent company, was founded in May, 2012 by C. Vance Hanson and Levi King. It’s a financial technology company that plays a pivotal role in bridging the gap between small and medium-sized businesses (SMBs) and financial institutions.
Nav has made three strategic acquisitions to strengthen its position in the financial industry and has attracted significant investments to support its growth and mission.
In January 26, 2023, Nav acquired Nuula, further enhancing its financial offerings. And, on February 16, 2023, Nav welcomed experienced fintech leader Neha Komma as Vice President of Product (these are big, positive changes).
Before we dive into how Nav can help you now, let’s address some recent transformations we’ve seen in the Navosphere.
What Happened to Nav Business Boost & Nav Loan Builder?
For years, two of Nav’s key offers, Business Boost and Loan Builder, were available as standalone offers for business owners. In September 2023, Nav made some pretty big changes.
These changes started with Nav’s July 2023 acquisition of Tillful, a business credit building platform and charge card offer. Just a couple months later, the company announced its new offer: Nav Prime. It appears that Nuula and Tillful’s existing infrastructure is the foundation of the changes.
And, this is great news!…If you’ve used Business Boost or Business Loan Builder before, those credit reports you got are now part of Nav Prime, which is packed with even more helpful features.
As a Nav Prime customer, you can unlock all these features for just $49.99 per month (or $59.99 per month if you still want to see your FICO SBSS score). And if you were already using Business Boost or Business Loan Builder, you won’t see any extra charges – you’ll continue to pay what you used to for your Detailed Credit Reports.
Plus, now, as a Nav Prime user, you also get access to the Nav Business Checking account.
Business Credit Building Features of Nav
Nav offers a range of Business Credit Building Features to help businesses establish and improve their credit profiles. Here’s a breakdown of these features.
1. Access to Business Credit Reports
Nav provides a valuable service by granting businesses free access to both personal and business credit scores and reports from major credit bureaus such as Experian, Dun & Bradstreet, Equifax, and TransUnion. This feature empowers businesses to keep a close eye on their credit health, allowing them to identify any discrepancies or issues that may affect their creditworthiness.
By regularly monitoring these reports, you can take proactive steps to improve your credit scores, which is vital for obtaining business credit, favorable terms, and other financial opportunities. This access to credit reports is a fundamental tool for businesses of all sizes and stages, from startups to established enterprises.
2. Business Credit Card Recommendations
Nav takes the guesswork out of choosing the right business credit card by offering personalized recommendations based on a business’s financial profile. This tailored guidance helps businesses select credit cards that align with their financial goals and needs.
Whether it’s a card designed for managing expenses, earning rewards, or building credit, Nav’s recommendations are designed to assist businesses in making informed decisions that enhance their financial management and credit-building strategies.
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3. Nav Prime Card
Nav Prime customers can leverage the Nav Prime Card to establish a positive business credit history through tradeline reporting. By using this charge card for everyday business expenses, businesses can demonstrate responsible credit usage and build a favorable credit history.
The card is particularly beneficial for businesses looking to strengthen their credit profiles and increase their credibility in the eyes of lenders and financial institutions.
4. Business Credit Education
Nav goes the extra mile by offering comprehensive educational resources and guidance on how to establish and build business credit. These resources cover essential steps such as registering your business, obtaining a D-U-N-S number, and opening business credit accounts.
Nav’s commitment to education empowers businesses with the knowledge and tools they need to navigate the complexities of the credit-building process confidently.
5. Business Credit Card Integration
Nav facilitates the integration of your financial data to help you find the right business credit card. This integration streamlines expense management and supports your credit-building efforts.
By connecting your financial information, you can make data-driven decisions about which credit card aligns with your business’s financial needs and credit-building goals.
Should You Sign Up for a Nav Prime Account?
If you’re just starting your business and aren’t in a rush to create and strengthen your credit profile, I recommend you use the free plan at first. A free account enables you to track the credit score you’re establishing for your business at a glance.
Nav Prime ($49.99/month) is ideal for you if you want to build up your business credit and you’re in the process of quickly acquiring multiple trade lines, or you want to qualify for the Nav Prime Card.
The other benefit of subscribing is that you can access information that could come in handy if your financing application is denied because of your report – you can quickly see why your application was rejected and follow Nav’s guidance to improve your credit health so you can apply successfully in the future.
Frequently Asked Questions
Is Nav reputable?
Yes, Nav is a reputable company in the field of financial services for businesses. It has gained trust in the industry by providing valuable tools and resources to help businesses establish and manage their credit profiles for over a decade. Nav offers free access to personal and business credit reports from major credit bureaus, providing transparency and guidance to users.
Is Nav a good credit builder?
Nav offers valuable tools and features to assist businesses in building and improving their credit profiles. Access to credit reports, personalized credit card recommendations, and tradeline reporting through the Nav Prime Card are all beneficial for enhancing a business’s creditworthiness – While Nav can be a valuable resource, ultimately, the effectiveness of credit building depends on how well a business utilizes these tools and manages its finances.
Does Nav pull your personal credit?
No, Nav does not pull your personal credit when you sign up for its services. Nav primarily focuses on business credit and offers access to business credit reports. This means that your personal credit will not be affected or accessed when you use Nav’s services for your business.
What is Nav good for?
Nav is an excellent resource for businesses seeking to manage their finances and build strong credit profiles. It provides tools for monitoring credit reports, obtaining personalized credit card recommendations, accessing business credit scores, and more. Additionally, Nav can help businesses access financing opportunities and make informed financial decisions.
What credit bureau does Nav Prime report to?
Nav Prime reports to Dun & Bradstreet (D&B), one of the major credit bureaus for businesses. This reporting can help businesses establish and strengthen their credit profiles with D&B, which is important for accessing financing and building credibility in the business world.
Final Thoughts: Here’s Why I Love Nav
Put simply, Nav has helped me strengthen my credit scores. Not only did it build my awareness about personal and business credit health, I am now able to stay on top of it at a glance – I get great options for financing and credit cards through its MatchFactor technology, and I can see the probability of approval from trusted lenders and credit card providers, saving me considerable time and effort.
Nav offers free business credit reports, including Experian Small Business and Equifax Small Business. No other credit reporting solution offers these at no charge.
Frankly, I recommend Nav to every one of my coaching students and my take is simple: You can save a considerable amount of time and money (and spare yourself a whole lot of hassle) when you sign up for a Nav account.
→ If you want to learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today!