The “Data Universal Numbering System,” sometimes known as a DUNS number, is an essential component of D&B data. This serves as a distinctive identification for every company that D&B maintains data on. It implies that D&B links your company profile with the data they have, making it a trustworthy and accurate tool to monitor a specific company’s success. Let us understand what is a DUN number and how to apply for and get a DUNS number.
A monitoring organization called Dun & Bradstreet (D&B) offers comprehensive data on all businesses of all types including small, medium, and large size organizations. Lenders and other organizations use D&B data to decide whether to lend to you and offer finance. They rely on D&B information to identify risks, comprehend compliance, and make choices regarding businesses. Therefore, it is essential for businesses to maintain a D&B profile and to try to keep it correct and up to date.
What is a DUNS Number?
A Data-Universal-Numbering-System (D-U-N-S) number is a unique identification code provided by Dun & Bradstreet (D&B), a credit reporting company, and financial institutions use this number to track your company’s credit file.
An exclusive nine-digit code called a DUNS number is used to identify companies worldwide. Dun & Bradstreet has used this commercial credit reporting method since the 60s. The numbers are assigned at random; they have nothing to do with the type of business or any other classification.
Lenders and vendors can search for your company’s D&B rating using the DUNS number. This number is similar to a credit score.
Reasons to Get a DUNS Number
The DUNS Number serves as the foundation for any company’s Live Business Identity, which is the most thorough and real-time updated view of any company in the Data Cloud, according to D&B. Let’s break down what that truly implies because it’s a bit of a mouthful.
A DUNS number is a reference that D&B employs to link information to a particular company. Then, other businesses can search for information, ask questions, and use D&B services relating to that company using this DUNS number.
· Financing Decisions and Credit Score
Practically speaking, a DUNS number is most frequently used for credit lending and scoring decisions. D&B’s core offering is a credit monitoring service for commercial entities. Similar to how Equifax, Experian, or TransUnion handles personal loans, it serves lenders and companies.
D&B will examine your payment and credit usage, judgments and liens, payback history, age of business loan accounts, and other criteria, just like it does with personal credit. Using your DUNS number as the reference, they will use this information to generate a credit report and score for your company. You’re more likely to be approved for a loan with better conditions and cheaper interest rates if you have a higher credit score.
Lenders are more inclined to utilize the personal credit score of the business owner than a DUNS number when determining whether to lend money to new small enterprises. However, the D&B rating and a DUNS number can be crucial components of obtaining company finance for larger and more established organizations.
A DUNS number is necessary for many awards from federal governments and other sources. You can apply for government contracts or grants with a DUNS number.
· Investigating Business
The job market is difficult now, and candidates have many options to work and show their skills. A DUNS number makes it simpler for candidates to evaluate the financial standing of a potential employer, which is a practice on the rise.
· Evaluation of Business Risk
A trusted relationship between all parties is necessary for business relationships, networking, and supply chains. With a DUNS number, prospective business partners can research your potential hazards, payment history, and other details to confirm that they want to work with you.
This could be even more crucial if you intend to offer your goods or services to governments or other nations. Potential business partners can only work with you if you have a DUNS number.
Get A DUNS Number in 4 Steps
It costs nothing to sign up for a DUNS number and build a credit record for your business through D&B online. Any legal company may obtain a DUNS number, including LLCs, C-corporations, and S-corporations. Consider taking the following actions to obtain your DUNS number:
1. Search Your Company’s Name
Anyone, including business owners, suppliers, financial institutions, and governmental bodies, can ask for a DUNS entry for a company. If a third party has asked for information about your company’s credit, you might already have a DUNS number. Visit the D&B website and enter your business’s name, phone number, and address to see if you already have a DUNS number. If your company already has a DUNS number, you can update financial records and obtain your credit report by proving your identity.
2. List Your Business Information
If you still need one, call their toll-free number at 1-(866) 705-5711 or complete a brief online form. To apply, you must be familiar with the following:
- Company’s Name
- Address
- Contact Details
- Number of employees
- Primary products or services
- Establishment year
- Business’s legal status, such as proprietorship, corporation, LLC, or partnership
To complete your registration, enter the information into the blanks online or read it over the phone. Usually, the entire procedure only takes a few minutes.
3. Apply for Fast Tracking (Optional)
A DUNS number can be obtained up to 30 days after an application is submitted. For $229, you can speed up the procedure and receive your DUNS number in five business days or less. If you register as part of an application for a grant or contract with the government, D&B might expedite some DUNS applications at no cost.
4. Report Transactions
Your business credit report will automatically compile public data, including court rulings and bankruptcies, once you have a DUNS number registered. Suppose you want your score to take into account previous business transactions. You’ll often need to submit them for a fee, as most suppliers and vendors don’t report directly to D&B.
Right Time to Get A DUNS Number
Many business owners ask the same question, what can I do to boost my business financially? If you have the same question, you should get a DUNS number. A business’s credit could be better when it first starts. But it has a good credit rating. What can you do to get started with improving your credit score?
You must adapt to the business world to differentiate your organization from the competitors in the business world. Getting a DUNS number for your business might be the best course of action to achieve this. Usually, a person would create a corporation or LLC and then use the firm to apply for the number. This ensures that the phone number is directly associated with your business and not your credit. Adding it to your credit could result in a decline in your rating.
Boost Your Credit Score with DUNS
Duns and Bradstreet create a credit profile of your company after giving it a number. Lenders considering giving your business credit and vendors or suppliers interested in doing business with you could want to look through your company’s credit history. Despite this, Duns & Bradstreet can still be used to determine if your company’s credit score is excellent or negative. The following are two strategies you can use to raise your company’s credit score:
· Make Payments on Time
This one is fairly easy. All prospective lenders anticipate a return on their investment, and all prospective partners anticipate your dependability. As a result, your top objective should be to make payments on time, as this shows lenders and business partners that you can be relied upon.
· Evaluate Your Business Credit Score
Building a company credit file takes time and effort, but recent events might positively or negatively impact your scores. Regularly check the score of your business to avoid sticky circumstances.
Check Your DUNS Number
Before generating a new DUNS number for your company, dnb.com will sometimes seek to see whether one has already been generated. This may occur, for instance, if another company searches the database for your company.
- Visit the Dun & Bradstreet web page.
- Navigate to the “DUNS Number” button.
- The “DUNS Number” button will lead you to the creation and DUNS lookup page.
When you provide the essential information, Dun & Bradstreet will notify you if your company already has a DUNS number connected with it. Make care to complete the online form and respond to the question in the dropdown menu.
Conclusion
Future suppliers, lenders, partners, and other organizations interested in collaborating with your firm can check important information through your company’s DUNS number before proceeding with the verification process. It’s preferable to apply and get your company’s Duns and Bradstreet number as soon as possible. Keep in mind that getting your DUNS Number takes up to 30 days to be generated and
