Owning a business, whether it is in the startup phase or it has been in operation for years, requires business owners to wear a variety of hats, not the least of which is that of an accountant or bookkeeper.
Understanding the financial footing of a company large or small is crucial to the ongoing success of a business, given that nearly all companies face a need for financing at some point in the business lifecycle.
Business owners must know the strength of a company’s assets, credit history, and cash flow as these dictate how lenders, suppliers, and vendors view the organization from a financial perspective. Knowing a business credit score is part of the process.
About Nav.com
There are several online resources available to business owners wanting to gain more knowledge about the financial stability of their company, including Nav.com.
Advertised as The Credit Karma for businesses, Nav offers a variety of products that provide insight into a company’s credit profile, score, and history.
Anyone can sign up for a free account with Nav and instantly gain access to a company’s credit information, including an Experian VantageScore personal credit score and report summary, a Dun & Bradstreet business risk grade, and business risk grades from the major credit reporting agencies, Experian and Equifax.
Additional subscription-based products are available for business owners who want to view more detailed information about their credit history and business credit scores as well.
However, the power of Nav goes beyond business credit scores alone. Here’s what the online platform offers to business owners at any stage of the game.
Financing Options Through Nav
The need for financing is a real concern for hundreds of thousands of businesses each year, and Nav works in partnership with a variety of lenders to create a marketplace for companies through its online platform.
Within Nav, business owners can review business credit card and loan offers from numerous lending partners that are a strong match for the company’s credit profile.
Although Nav is not a direct lender, the site uses an algorithm to determine which lending offers make sense for a business, based on the details within a business’s credit report. Lenders associated with Nav are not supposed to be able to pay for favorable positioning within the platform, creating an unbiased marketplace for businesses looking for funding.
Once a business owner has signed up for a free account with Nav, lending offers are available in his or her dashboard upon logging in.
Both credit card and business loan offers have an Apply Now button which takes the user directly to the lending partner’s site to submit an application. Each offer can be compared to the next in terms of applicable interest rate, repayment terms, and other fees which may be applied.
Credit Monitoring and Alerts from Nav
In addition to providing a range of business financing options, Nav also makes credit monitoring available to all users. With a free account, business owners have peace of mind knowing Nav automatically monitors credit reports for new information, and alerts are pushed to the user when changes take place via e-mail or text message.
Should identity theft take place on a user’s credit account, a live representative from Nav works in tandem with the credit reporting agencies and the business owner to recover any losses and correct any issues. Up to $1 million in identity theft recovery is available to all Nav users who activate credit monitoring services.
Credit Tools and Resources Available Through Nav
Nav is also a vast resource for business owners wanting to gain a better understanding of their credit history and score.
Through the online platform, business owners have access to hundreds of articles about how credit scoring works in the business world, what information is included in a business credit report, and how vendors, suppliers, and lenders utilize that information to make credit decisions.
Also, Nav breaks down the differences between business credit cards and business loans, making it easier for business owners to make financing decisions that best meet their timeframe and budget needs.
Nav also provides free access to business loan calculators through its lending partners, including an invoice financing calculator that determines APR, merchant cash advance and term loan calculators, and calculators directly from other major lending platforms.
Final Review of Nav for Business Credit Report & Score Monitoring
Nav is a powerful tool for business owners, not only when it comes to receiving and understanding their credit reports and scores from the major business credit reporting bureaus, but also in the realm of navigating business financing options.
Because Nav is stated to be a neutral platform when it comes to its lending partners, business owners can rest assured they are receiving offers based on their unique credit history and borrowing needs.
For more information check out Nav’s customer reviews.
