Don’t pay for an expensive credit repair service to increase your business credit score before trying these easy credit-building programs. Whether you need to access your business credit report, get approval for business credit cards, or obtain credit and cash loans, using these tools will help.
Top Credit Builders
Below we list the best business credit builders that help small business owners get the credit reporting they need to secure business loans and high-limit credit cards. Some options like Business Credit Builders and Credit Suite offer one-on-one business credit coaching to help guide you step-by-step through the business credit building process.
- Nav Business
- eCredable Business
- CreditStrong
- Business Credit Builders
- Credit Suite
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Do you need startup financing, working capital for your business, funding for equipment or real estate? Would you like to get approval in as little as 48 – 72 hours, and your funds released within days?
Various lending products ranging are available for most business owners, including those with limited history or bad credit.
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Nav Business
A subscription-based service that monitors business credit, Nav provides easy access to some of the most important business credit scores like the Equifax Business Delinquency, and Experian Intelliscore Plus. As a member, you’ll also be able to download your full business credit reports from D&B, Experian, and Equifax once a month. The credit reports from these business credit reporting agencies are the same ones that lenders and suppliers use to evaluate your credibility.
With a $30 per month subscription, Nav members get full consumer credit reports from Experian Personal and Transunion. You’ll also get access to your VantageScore 3.0 personal credit scores from both of these consumer credit bureaus. On top of that, you’ll get 24/7 credit score change alerts, $1M identify theft protection, lost wallet replacement coverage, and free identity restoration services.
If you upgrade to a $40 account, your Nav Business Boost membership will turn into a tradeline that reports monthly to three major commercial credit bureaus in D&B, Experian Small Business, and Equifax Business. So, you can start building business credit just by paying your Nav Boost membership bill on time.
For companies that need an SBA loan or a business loan from a major bank, then you’ll want to review the $50 per month, Nav Builder account. This upgrade will provide access to your FICO SBSS, where a score of 155 will get your application noticed by banks and the Small Business Administration.
Lastly, no matter which membership you choose. Nav guarantees that they will never report any negative payment history, even if your payment is late.
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eCredable
A bill reporting service, eCredable is a great business credit builder for startups that allows you to report your utility bill payments with multiple business credit bureaus.
Their monthly business subscription package has an initial setup fee of $50, and then $10 per month thereafter. After registering, you can add up to eight business utility bills, such as electricity, gas, phone, and internet. eCredable will then retrieve up to 24 months of payment history and then add it to your business credit file at Equifax, Creditsafe, and Ansonia.
As long as you stay a member, all new payments made on the utility accounts you’ve connected to eCredable will get reported every month. Your monthly subscription payment also will get reported as an active tradeline to Dun & Bradstreet and Experian.
For a one-time cost of $25 per submission, you can also manually add up to 2 years of business rent, lease, credit cards, loans, insurance, or legal service payments. You can also manually submit payments made to net 30 vendor accounts that do not report positive your payment history.
For just $25 per year, eCredable will allow you to have your personal utility bill payments including your mobile phone and cable TV bill reported to your TransUnion credit file. This can help increase your VantageScore 3.0 score, along with your FICO 8 score.
Building personal credit is also important very important for small business owners, as other than no PG credit cards, most banks require good personal credit to get approval. Many alternative lenders will also approve your startup business loan application based on a good FICO score alone. The better your personal credit the more funding options you will have.
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Building credit with Ohana is so easy!
No membership fees, an initial $2,000 credit limited being reported, and a $1,000 limit increase with each $80 invoice paid makes Ohana the best office supply company to start building business credit with.
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CreditStrong
This business credit builder system from CreditStrong lets you establish business credit by purchasing a business tradeline that reports your monthly payments to Equifax, the SBFE, and the PayNet business credit reporting agency.
While they call it an installment loan, CreditStrong will not actually lend you any money. Even though they also mention it helps you save money, they will actually charge you an administration fee for helping you do it. That being said, as long you understand that is a credit builder account, you can then determine if it’s worth paying for.
The main cost you will pay for credit reporting is their upfront administration fee, along with a cash flow loss until your term is up. CreditStrong fees start at $350 to have them report a $100 monthly payment to three credit bureaus with a $2,500 credit limit. You can see the true cost of their so-called small business loan in the table below.
| Loan Amount | Months | Payment | Fee | Interest | Total Payment | Tradeline Cost |
|---|---|---|---|---|---|---|
| $ 2,500 | 25 | $100 | $349 | $0 | $2,849 | 349 |
| $2,500 | 25 | $115 | $149 | $375 | $3,024 | 524 |
| $5,000 | 25 | $200 | $549 | $0 | $5,549 | 549 |
| $5,000 | 25 | $220 | $199 | $500 | $5,699 | 699 |
| $10,000 | 25 | $400 | $749 | $0 | $10,749 | 749 |
| $10,000 | 25 | $440 | $299 | $1,000 | $11,299 | $1,299 |
A secondary benefit to using Creditstrong is that it will force you to save money over your two-year term. Once you’ve made your final payment, you can withdraw the entire installment loan amount money and have the money back in your bank account within 6 business days.
While we would not recommend CreditStrong as a primary option to build your business credit, having a $2,500 tradeline that gets reported to Equifax for 25 straight months is useful. Payment consistency and relationship length of your trade lines and vendor accounts are two common factors in many business credit scoring systems. If you’re able to pay early rather than just on time, you can get also boost your Equifax Payment Index and .
To build a strong business credit profile, however, you can’t just use CreditStrong and hope it will be enough to you get bank loans, lines of credit, or a business credit card. You’ll have to use numerous business credit builders to do that. Before trying to obtain business credit using CreditStong, be sure you understand all the rules and costs.
- Your upfront administration is non-refundable, so make sure you’re willing and able to commit to the full loan term before applying.
- If you can’t make your monthly payments on time in the future, it will hurt your business’s credit rating rather than improve it.
- To cancel your CreditStrong loan and withdraw your past payments, you will have to pay off your loan amount in full, as well as, any interest still owed. Then you’ll still have to wait a week before you withdraw your fund into your business bank account.
While there is no soft or hard pull on the business owner’s personal credit scores do note the CreditStrong Business Credit Builder application requirements below:
- Be 18 years of age and have a physical business address in the United States. No business phone number is mentioned.
- Have a legal business entity (LLC, Partnership, or Corporation) that is at least 3 months old. A sole proprietorship will not work.
- Have an Employer Identification Number (EIN) issued by the IRS
- Have a valid Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN).
- Have a valid Identification document such as a driver’s license, State ID, passport, or Permanent Resident Card.
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Business Credit Builders
A smaller version of Credit Suite starts by ensuring your company adheres to lender credibility standards, such as establishing a 411 listing and opening a separate business bank account. Next, you obtain and use your EIN to create a clear separation betweenbusiness and personal credit.
Next, you’ll start opening files with all the major business credit bureaus and securing a net of 30 accounts to lay thefoundationfor business credit. Gradually you’ll ascend to bank lines of credit and cash loans to supportbusiness expenses.
Collaborating with BCB is akin to having a personal business credit mentor to help you along the way. While their offerings might not be as exhaustive as Credit Suite’s, the membership fee is significantly less with either a one-time payment of $497 or a monthly fee of $97.
Credit Suite
Membership in this credit-building program combined with help from their dedicated support team can assist a small business owner in their quest to establish business credit. The essence of Credit Suite’s approach is to simplify the intricate dance of obtaining good business credit. They’ve mapped out a clear pathway for navigating the maze of business credit bureau intricacies.
What are they not, however, is a credit issuer. They simply show you how to secure financial tradelines through multiple business credit tiers as your business starts building credit.
Credit Data
In the intricate dance of business finances, there’s a need to strike a balance between your personal credit score and business credit history. Credit Suite’s vast credit-building database comprises hundreds of vendors and lenders who are likely to approve your credit line once you go through several stages of developing your business credit history. Each option for vendor credit is marked with application approval requirements which allows you to set goals for how and when you can apply for more business financing.
Initially, you will target easy approval vendors that report to multiple credit bureaus, and then work your way to to Tier 2 business credit. Once you progress into Tier 3 business credit, it will already unlock doors for small business loans, lines of credit, and other business financing opportunities needed for growth or expansion.
Features
From credit monitoring to insightful credit analysis, and even credit education, Credit Suite offers an array of tools and services designed to help you build business credit. It’s literally, a one-stop shop for small businesses looking to establish a solid business credit history. Here’s the rundown of membership benefits:
- Procuring a DUNS Number for your Dun & Bradstreet Paydex score and getting your phone number registered with 411 is included in your Credit Suite membership cost.
- A support team of business credit-builder professionals with expansive knowledge to explain the basics of credit accounts and startup loans and how their system for developing established business credit works.
- A two-pronged approach to business credit building and financing while utilizing a proprietary database of business accounts, vendors, and credit issuers.
- An online Business Finance Suite that leads you step-by-step through new credit account acquisition.
- Free business credit report monitoring to track your progress as you build credit.
How it Works
When you enroll in Credit Suite’s program, their software, complemented by their seasoned credit expert advisors will lead you through these pivotal steps:
Step 1: Laying the foundation for businesses that have not yet established credit by helping them establish a legal entity with a credit-friendlySIC codeanEIN,DUNS#, and411 listings. They also help youopen a business checking accountto create a distinct separation between personal and business credit building.
Step 2: The journey for new businesses to startestablishing good business creditrequires having tradeline reporting in all the majorbusiness credit agencies. Credit Suite helps you create and expand your business credit files with Dun & Bradstreet (D&B), Experian Business, Equifax Commercial, and the Small Business Financial Exchange (SBFE).
Step 3: The next step is to procure a line of credit for business owners that will bypass abusiness and personal credit check. This is accomplished through obtaining business credit lines fromeasy approval net 30 vendor accountswith minimal qualification requirements and no personal guarantee requirements.
Step 4: With a set foundation of 3-5 activenet 30 tradelines, a window of opportunity will open for asecured line of credit. As you progress, opening 7-10 tradelines will enable you to obtain credit fromTier 2 vendors,business gas cards, andcorporate charge cards. When your profile boasts 12-15 active tradelines, the doors toequipment financing,merchant cash advances, and0% APR business credit cardsfrommost financial institutionsswing open.
Secured business credit cards, like the Capital One Sparks Classic, not only offer a simple approval process but also positive payment history. Gaining approval for aBILL Divvy Corporate Cardcomes with enticing rewards like 5-7x points for dining and travel.
Step 5: As yourbusiness credit filestarts collecting tier 3 vendors, opportunities such as auto leasing options will emerge, along withbusiness funding from alternative lenders. From here you can quickly climb tocredit linesandbusiness loansfrom banks and credit unions. Then finally, the end goal of low-interest, long-term SBA loans.
Pricing
The initial investment for Credit Suite membership is quite substantial because it’s tailored forcustomerswho needcomprehensive assistance andstep-by-step guidance through the business credit-building maze.
The lowest cost to use the business credit-building system from Credit Suite is a one-time, upfront membership fee of $2,997.Alternatively, you can opt for a 7-month payment plan at $597/month that totals $4179 or close the $1,200 more than the one-time fee.
Similar business credit-buildingresourcesand insights can also be found in ourHow to Build Business Credit Fast Guide. The advantage of using Credit Suite lies in its dedicated support team and an automated system that not only tracks your milestones but offers actionable next steps.
