Whether you’re just starting your business or in a growth phase, you’re probably going to need financing. And to get that financing, you’ll need to know what condition your personal and business credit is in. Without that knowledge, you’re only creating more work and headaches for yourself when you apply for financing – on top of potential rejection, you could also end up locked into contracts that are disadvantageous for you and your business in the long run.
You can save a considerable amount of time and money, and spare yourself a whole lot of hassle, simply by signing up for a Nav account. This online platform consolidates your personal and business credit report and provides fast, useful financing guidance. Nav has proven itself over its seven years of operation, having helped over 500,000 businesses across the US keep track of and build up their credit scores, get the financing they need to grow.
After six months of using this robust and intuitive platform for my and my clients’ businesses, I can wholeheartedly recommend Nav as an effective tool for helping you maintain good credit health and finding affordable funding.
Nav Overview: Fast-Track Your Business Loans
Before you can start approaching lenders and credit card providers for business financing, you should know your business and personal credit scores. Doing this on your own can be an extremely time-consuming and costly process. Nav gives you the information you need quickly and keeps you up-to-date on your credit reports and scores.
If your business has trade vendors and you want to build up its credit health, Nav enables you to keep an eye on everything you need to know before you approach lenders and credit card providers. Once it has evaluated your credit history, Nav connects you with lenders and credit card providers in its extensive, data-driven financing marketplace.
You no longer have to spend hours or days researching financing options for your business. Using its proprietary MatchFactor technology, Nav instantly presents you with the options that you qualify for based on your personal and business credit profiles and financial requirements. In addition to saving you time and money, you gain assurance that you can successfully access capital from trusted and proven financing lenders.
Nav Benefits: Simplicity, Streamlining, and Savings
Nav is the only online credit reporting and financing assistant that provides you with both your business and personal credit histories. It provides you with tools that help you build excellent credit health; you also get solid recommendations for lenders and credit card providers who are most likely to provide the funding you need to start or strengthen your business.
When you take a closer look at everything Nav has to offer, you’ll see just how much it has done for half a million business owners, and how much it can do for you.
Fast Customized Financing Guidance
A 2014 Inc.com article states that “business owners [spend] 26 hours on average in their search” for financing; the Nav website puts that number at 30+ hours. Nav cuts that time down substantially with its MatchFactor tech, recommending funding options that you’re most qualified for instantly.
Easy Credit Health Monitoring
When you want to improve your business credit score, you can get credit from one of your vendors. You can then use Nav to check that vendor’s report to your credit profile; provided you’ve paid them in full and on time, the vendor’s report will boost your business credit health. Nav always keeps you on top of your credit score, and helps you determine where and how you can improve it.
Boost Your Chances of Successfully Applying for Business Loans
Knowing is half the battle: Nav provides you with the knowledge you need before approaching lenders. According to the Nav website, your loan application is 41% more likely to get approved when you understand your business credit score.
24/7 Real-Time Credit Reporting
To ensure you’re always on top of your credit status, Nav keeps track of your credit 24/7 and immediately informs you of changes to your reports. This helps ensure financing approval, so you can apply with confidence. You can also easily find items that have a negative impact on your credit score, such as judgments and liens, so you can rectify inaccuracies in your credit report.
Improve Your Credit Score Easily and Affordably
Nav provides you with free easy-to-use tools that help you establish the business credit profile you need to access funding, while keeping your costs down.
Protect Your Identity
Regardless of whether you sign up for the free Standard account or one of the paid Premium accounts, Nav’s best-in-class encryption keeps your personal and financial data secure. With a Premium or Premium Plus account, you automatically get $1 million identity theft insurance coverage plus recovery assistance.
Features for Better Business Financing
Nav’s credit reporting and business-lender matchmaking platform is loaded with features designed with your business’ success in mind.
Test the waters with a free, no-obligation Nav account that you can sign up for in minutes (it’s just as fast and easy to sign up for a paid account). In addition to getting a summary of your profile, you can also take advantage of their MatchFactor technology, which pairs you with lenders and credit card providers according to your credit profile.
Essential Credit Scores
Nav is the only service of its kind to provide business owners with their personal and business credit scores from four major credit reporting institutions: Dun & Bradstreet, Experian, Equifax, and TransUnion. In addition to 24/7 credit monitoring, you get real-time alerts every time your credit report changes.
Extensive Financing Marketplace
You’ll find a huge range of business lenders and credit card providers in the Nav marketplace. To save you time and simplify your search, Nav’s exclusive algorithm matches your business with the financial institutions who are most likely to approve your funding or credit application. You only get choices that are best for you and your business, rather than for lenders.
Comprehensive Financing Options Just for You
Your business has its own financing requirements; for example, the best option for your business may be a line of credit rather than an SBA loan. Nav provides you with credit recommendations that best suit your requirements, taking your personal and business credit profiles into account. The platform connects you to trusted and proven lenders for free, enabling you to compare loans, lines of credit, business credit cards, and more in one intuitive dashboard. On top of all that you can get guidance from credit and lending pros.
Actionable Insights Into Credit and Cash Flow
You can access even more funding options with alternative lenders when you connect your business bank account to Nav because they are often based, in part, on deposits. The simple UI informs you of items that may be affecting your score and offers advice on how you can improve your credit health.
Stay on Top of Your Credit Rating Wherever You Are
You can get Nav’s mobile phone app on Apple and Android mobile devices. 24/7 credit monitoring and alerts enable you to keep track of your credit rating on the go.
Check Customer and Partner Credit Profiles
When you get a Nav Premium Plus account, you can access the credit reports of up to five different businesses. This helps protect you from potential non-paying partners and customers, ensure you only deal with credible businesses and consumers.
You can choose from three types of Nav account: a free Standard account, or one of two paid accounts – Premium and Premium Plus. I use a combination of Standard and Premium.
For a concise summary of your personal and business credit reports, the free version is enough for you. When you’re ready to start building up your credit profile, tracking your financial progress, setting cash flow targets, and looking for future financing opportunities, move to one of the paid plans. All three variants offer one-on-one access to credit and lending experts, bringing a personal touch to the Nav experience.
On top of full personal and business credit reports from Experian, TransUnion, Dun & Bradstreet, and Equifax, Nav’s Premium plan monitors your credit and offers assistance should you need to dispute errors in reports. You also get email alerts and push notifications for up to 90 types of credit changes and $1 million of identity theft insurance coverage.
Why You Should Consider Signing Up For a Nav Paid Plan
If you’re just starting your business and aren’t in a rush to create and strengthen your credit profile, use the free Standard plan at first. Nav Premium and Premium Plus are ideal for you if you want to build up your business credit and you’re in the process of quickly acquiring multiple trade lines.
The paid plans enable you to track the credit score you’re establishing for your business at a glance. The other benefit of subscribing to Premium or Premium Plus 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.
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.
While other reviewers have mentioned that you may be able to access information like your FICO scores for free. In fact, Nav offers free business credit reports, including Experian Small Business and Equifax Small Business. No other credit reporting solution offers these at no charge.
I highly recommend Nav as a valuable credit reporting and tracking tool for businesses of all sizes, in all industries. If you’ve got trade vendors and want to build or boost your credit profiles, and you want to keep track of your business credit, get cash flow guidance, and improve your chances of financing and credit card approval, sign up for Nav today!