Founded by Levi King in 2012, Creditera is an online service that claims to help you access, understand, and build your business credit so that you can get the funding you need at the low rates you want, and to save time when applying.
To help you accomplish this, Creditera claims to give you access to credit scores from four leading bureaus all in one place, which allows you to analyze the data they contain and identify any problems. On top of this, Creditera claims to continuously monitor all your credit reports and alert you of any changes, and their theft recovery services are claimed to help you recover from ID fraud as quickly as possible.
Lastly, Creditera claims that when the time comes, they can help you find business financing options that best fit your needs, which they claim to accomplish by taking “your credit scores and search through financing offers, business services and other deals to match you up with best offers.” And if for some reason you don’t qualify for financing through any of Creditera’s partners, the company claims to help you repair your score until you do.
All of this information will then be displayed on your personal dashboard, which can be accessed from most devices.
In summary, Creditera claims to work over 3 steps:
- Sign up and access your business credit data in seconds.
- Learn how to better understand your score by following Creditera’s easy steps.
- Use your improved credit score to access immediate financing.
Your personal credit score may be through the roof, which is why it can be frustrating to be constantly turned down for business financing at your local bank. But if your business credit score is less-than-stellar, can Creditera help you boost your score and obtain the financing you need? Consider the following:
Creditera Is Not a Lender
First and foremost, it’s important to keep in mind that Creditera is not a lender. Instead, the company claims to help you improve your business’s credit score, and then to help you find financing that meets your specific needs through one of their partners.
Instead, it might be more appropriate to think of Creditera as a business credit repair service, who can secondarily help you obtain a business loan.
What Kinds of Business Financing Can Creditera Help You Obtain?
According to the Creditera website, they partner with a variety of businesses to provide their customers with a wide range of credit-related services, many of which do not relate to financing.
However, there isn’t any specific information provided on the company’s website about the types of financing they offer, other than stating: “Based on your scores, we show you which business credit cards you qualify for and let you apply immediately. Opening and paying your credit card bills on time can help you build stronger credit, so you’ll qualify for even more financing down the road. We partner with lenders to provide you with customized offers based on your credit scores. If you don’t qualify for lending, we show you the minimum requirements and guide you on how to improve.”
Based on this, it appears that most of Creditera’s financing options are offered through credit cards, which might come with much higher interest rates than a business loan through a traditional bank.
Are There Other Companies Similar to Creditera?
There are dozens of businesses that Creditera is in direct competition with, which you can see for yourself by typing “business credit repair” into your favorite search engine. In fact, Experian (one of the big 3 credit bureaus) appears to offer a nearly identical service.
However, the biggest advantage associated with Creditera seems to be that you can choose to monitor your personal and business credit scores simultaneously, whereas much of the competition allows you to monitor your business only.
Do Customers Think Creditera’s Services Are Worthwhile?
The only legitimate review of Creditera available at the time of our research was on MoneySavingsPro, who noted that Creditera offered unique services such as their score summary, but lamented that you can’t order an Equifax score, and that their services are more suited toward smaller businesses. (Editor’s note: this review has since been removed.)
There were also several writeups about Creditera in popular publications such as TechCrunch and VentureBeat, although these were essentially just announcements about the company obtaining financing, with a bit about their background sprinkled in for good measure.
From a company perspective, Creditera is based out of South Jordan, UT and holds an A+ rating with the Better Business Bureau, based on 10 closed complaints (as of 3/17/15). Most of these appeared to reference problems with recurring monthly charges (more about this next).
Creditera Pricing & Refund Policy
While signing up for Creditera is free, there are 4 different Creditera paid memberships you’ll need to sign up for in order to access reports:
- Personal Credit – As the name implies, this service is related to personal (versus business credit). Includes Experian and TransUnion personal scores and reports, Anytime Access Dashboard, email alerts, text alerts, live member support, $1M identity theft protection, and identity recovery services: $9.99 per month.
- Basic – Includes monthly personal and business credit and scores and summaries, as well as access to BusinessLauncher, CreditSweeper, CreditTarget, and Marketplace: Free.
- Premium – Includes detailed monthly personal and business credit and scores and summaries, in addition to insights, analysis, and more: $29.99 per month.
- Premium Plus – Everything that’s included in the Premium option, in addition to Business Reports by D&B Credibility, and FICO LiquidCredit SBSS: $49.99 per month.
Important note: Regardless of the option you choose, keep in mind that memberships are billed on a rolling basis, so you’ll continue to be charged once per month until you call to cancel.
If you decide to cancel you Creditera membership, your account will remain active through the current period, after which you’ll no longer have access. According to the company’s Terms & Conditions, there are no refunds, whether pro-rated or in whole.
In order to cancel your Creditera membership, you’ll need to contact customer service at 855-226-8388.
Can Your Business Benefit from Using Creditera?
Chopping to the Point: If you’re a small business owner with a credit score that seems to be impacting your eligibility for financing, Creditera’s services could be beneficial in the long run. However, it’s important to note that although Creditera can help put you on the right path, it’s up to you to implement the changes they recommend in order to achieve in an increased business credit score.
In addition, because there are so many other businesses that offer services similar to Creditera, you’ll definitely want to research all your options before making a decision.
4 out 8 people found this review helpful
Yes, it's a scam from my personal experience.
I worked here, and it's a scam. They lie to employees, fire them for no reason, up and change things without warning, pay cuts or conveniently forget to pay on payday because of a "glitch" and that's what they do to the people that employ them.
There are several security holes and people can (and have) stolen both credit cards and credit reports, but the owners hide this when the credit companies come around to check,
Scam, scam, scam.
Bottom Line: No, I would not recommend this to a friend
5 out 8 people found this review helpful
This is a total scam, beware.
If you cancel your "30 day" membership before it expires you will loose all your money. They are ripping people off and I want to make sure everyone knows this.
Bottom Line: No, I would not recommend this to a friend