For your business to grow and become successful, you may need some form of financing from time to time. This is where financial institutions come in. For them to decide whether you qualify for financing and for how much, financial institutions need to assess your creditworthiness.
This is done by conducting a company credit check to access your company’s credit report. Way before a financial institution checks the contents of your credit report, you can find out your credit score, take the necessary steps to improve it, and monitor its progress with the help of a credit monitoring system. This way, you will be better prepared before applying for credit.
You can access either a paid or free company credit report from credit bureaus or credit monitoring service providers. Here is a summary of what you should expect from Tillful, Nav, and Experian.
Tillful works with entrepreneurs, business owners, and founders to help them manage their financial health. Tillful provides you with a free company credit report and credit scores. They then match you with numerous credit offers to ensure that you get better rates and terms.
Tillful also provides you with tips and resources to improve your credit score and monitors it with real-time alerts. You can add more than one business to your Tillful account as long as you use a separate login and an alternative email address.
Notably, a Tillful company credit check does not hurt your credit score.
This is another credit monitoring system that offers free credit summaries to both individuals and businesses. Nav provides and monitors data from multiple credit bureaus including Experian, Transunion, and Equifax.
You can get free company credit report summaries, including free scores. For full and detailed reports, however, Nav charges a monthly fee that ranges from $29.99- $49.99.
Credit updates with Nav are monthly with no real-time options. Also, there are no free trials.
This is one of the most renowned personal credit bureaus, which also provides business credit reporting at a fee. With Experian, you can get a one-time Experian credit report and FICO score for free. For subsequent reports, you can either pay a fee for one-time reports or signup for a paid monthly membership to get 3-credit bureaus monitoring, reports and scores.
With the paid option, you can lock or unlock your Experian credit file and get real-time alerts on attempted credit inquiries. Experian gives you a free 7-day trial membership, a period within which you can cancel your subscription without charge.
With the above platforms, you have the option of monitoring your company credit report and credit score in real time, monthly, for free, or for a fee. Each of the above platforms intends to keep you in the loop about your business’ financial health and credit worthiness. If you take the opportunity to get credit monitoring early in your business, you will be able to make informed financial decisions that might just take your company to the next level of success.