Business credit scores rank the creditworthiness of businesses. Major business credit reporting agencies produce business credit scores and reports. Nav is the #1 multi-bureau platform for business credit reports. Nav is the only place you can get business credit reports with tradeline reporting to each of the major credit bureaus. Nav also provides access to the FICO SBSS score, used to pre-screen for SBA loans, and personal credit reports from Experian and TransUnion.
Information to be aware of:
There are many factors that go into a business credit score. While tradelines can help build credit, they are not the only thing evaluated in scores.
Nav reports your Nav Prime payments to all major business credit bureaus on a monthly basis. You are required to have an EIN, BIN number, and active form of payment for this tradeline to be regularly reported.
Data related to UCC filings, tax liens, judgments and other public records for the business is provided through Detailed Credit Reports and can be used to problem solve, mitigate risks, and ensure accuracy.
Nav refreshes your detailed credit report on a monthly basis. If an additional refresh is needed, you may reach out to their Customer Support team for a more recent refresh for a small charge.
Reasons to check your business credit score include:
Mistakes happen. Your business credit may get mixed up with that of another business, or one of your vendors or lenders may report incorrect information. If you don’t check, you won’t know.
Credit scores change. Every time new information is reported by your lenders and vendors, your credit reports— and scores— may change.
Fraud can occur. Business credit fraud or identity theft is a growing problem and may result in negative information on your reports. Monitoring your credit can alert you to suspicious activity.
Get better financing. The Nav American Dream Gap report found that business owners who understood their business credit were 41% more likely to be approved for financing.
Read more here: https://www.nav.com/business-credit-scores/
Nav Technologies, Inc. is a financial technology company and not a bank. Banking services provided by Blue Ridge Bank, N.A., and Thread Bank, Members FDIC. The Nav Visa® Business Debit Card is issued by Blue Ridge Bank, N.A., and the Nav Prime Charge Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa cards are accepted. Your funds are FDIC-insured up to $250,000 through Blue Ridge Bank, N.A., Member FDIC.