SALT LAKE CITY, Nov. 1, 2018 /PRNewswire/ -- Nav and Equifax Inc. have joined forces to provide small business owners with their Equifax business credit score. The collaboration makes Nav the first and only provider of free small business credit data from all three major business credit bureaus—Equifax, Experian and Dun & Bradstreet.
Business owners who understand their business credit are 41% more likely to get approved for a loan, proving data transparency is key to helping business owners and lenders make more confident business financing decisions, the lack of transparency has plagued both Wall Street and Main Street for decades.
"As each credit bureau formulates business credit scores differently, companies who are not providing reports from each bureau are not giving business owners the complete picture of how lenders could be viewing and vetting them for financing," said Greg Ott, President of Nav. "Nav is the only place to access all three business credit reports, personal credit reports and free analysis of your cash flows, giving small businesses the most complete view of the data banks and credit providers are going to judge them by. This insight into their financial standing empowers them to make better financial decisions and more easily access the capital they need to grow their business. That's why Nav is the leading business financial management tool for small business owners."
Next month, Nav customers will be able to instantly access their Equifax business credit reports, scores and alerts. The Equifax business credit score, which is determined by predicting the likelihood of either a severe delinquency of 90+ days or a charge-off happening in the next 12 months, will be shown alongside two other business credit scores—Experian Intelliscore Plus℠ v2 and Dun & Bradstreet PAYDEX®—as well as personal credit scores and cash flow analysis of their business.
"Small and mid-size businesses have long been the backbone of the US economy," said Scott Spencer, SVP and GM of the Equifax US Commercial business. "We are glad to partner with Nav to better help banks and lenders assess their client's capacity for credit and manage their credit score over time."
Nav helps small business owners find the best financing for them, with more than 110 of the best financing and credit card options, including Small Business Administration and long-term loans, lines of credit, invoice financing and medical practice loans. The company's MatchFactor technology makes understanding the myriad business financing options easier than ever before, as the combination of Nav's machine learning algorithms and the addition of Equifax's data set will further hone each customer's personalized financing recommendations, giving small business owners their best financing options based on their situation and needs.
Nav will roll out Equifax business credit grades and scores with integrated partners in 2019.
Nav is the leading Business Financial Management app offering free access to personal and business credit reports from major consumer and commercial credit bureaus including Dun & Bradstreet, Experian and TransUnion. The Nav platform also helps small business owners make informed business credit decisions and hosts a robust marketplace with more than 110 business financing products including loans and credit cards. The marketplace uses a unique, lender-neutral approach to help business owners find the best financing options for their needs. Nav's solution is also leveraged by other business service providers to enhance their customer experience. The company has offices in Silicon Valley and Salt Lake City. More information about Nav is available at Nav.com.