So, we have talked about the Credit App in the past but is it secure? How is it different from hiring a debt collector? There are a lot of questions like that and I am here to answer them today.

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The Credit App allows small business owners to report defaults and nonpayments from their customers directly to the credit bureaus. With this service you can avoid the $200 an hour collection attorneys and get the same results without the cost. All you have to do is go to thecreditapp.org,upload the debtors information, and wait for your customer to call.
A company called The Credit App allows small business owners to report derogatory credit marks just like the big banks.
You might be asking: Can anyone do this? Don’t I need a social security number? Does this work? In short, yes, any company that has a bona fide agreement that was defaulted on can report the bad debt to the credit bureaus via The Credit App.
Defaults are valuable information that the credit bureaus want in order to protect future creditors from being defaulted on. Just think of it locally. If your friend Joe was thinking about lending money to your friend Greg and you knew that Greg has ripped you off in the past, wouldn’t it be a good thing to tell Joe to be careful and relay your experience?
This is the whole concept of credit reporting and non-payments is the most valuable information.
Using The Credit Apps proprietary software, no social security number is needed.
The Credit App can find the debtors credit file with only the first and last name, their address, phone number, and email.
This protects the creditor and debtor from having to provide private information.
Now what are the results? In the first video we compared The Credit Apps price and ease of use compared to other debt collecting techniques and The Credit App was able to provide value at a very low cost compared to the other debt collection techniques. But what are the numbers?
The Credit App claims that approximately one in five debts are fully or partially recovered within three months of submitting the file.
So this will be a case by case situation. Obviously if someone owes you $100 this might not have the best risk reward.
But if someone defaulted on a $5,000 contract then this service would definitely be worth the $40.
This service is a game changer for the service industry. Small business owners now have the same leverage that a financial institution has.
What’s the difference between installing $5,000 worth of material that you paid for as a roofer and loaning $5,000 as a bank?
If the customer defaults, the result is the same. The company that provided the materials or the money are both out $5,000.
But until The Credit App the finance industry had the ability to access more leverage via credit reporting. The Credit App is changing this industry and democratizing credit reporting one paid small business owner at a time.

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