Why you need a D-U-N-S Number
A D-U-N-S Number gives your small business an opportunity to be proactive with your credit and see how other companies perceive you.
As a savvy small business owner trying to stay competitive in the marketplace, you may have been asked if your business has a Dun & Bradstreet® D-U-N-S Number or been told your LLC needs one. A D-U-N-S Number can benefit your business in several ways, so here is the information on what a D-U-N-S Number is and how a D-U-N-S Number can help your business.
What Is a D-U-N-S Number?
Duns stands for Data Universal Number System. It is a unique nine-digit number used to identify companies and provides easy reference for people gathering information about them. The system was created by the primary credit reporting group for businesses, Dun & Bradstreet.
Why Do I Need a D-U-N-S Number?
If you own a small business, there are several reasons you need a D-U-N-S number. It allows your suppliers to verify that you pay your bills on time, enabling you to obtain new sources for your products and services.
The D-U-N-S number is also used by banks and financial institutions to assess your credit payment history in order to make a decision on whether or not to give you a loan.
Also, if you are interested in doing business with the federal government, you are required to have a D-U-N-S account. For example, if you want to bid on a federally funded project, you need a D-U-N-S Number in order to register and see what contracts may be available.
How Do I Obtain a D-U-N-S Number?
Obtaining a D-U-N-S Number is easy. Just contact Dun & Bradstreet by phone at 888-347-0475 or visit the Dun & Bradstreet website to apply for a D-U-N-S Number. When you apply, you will need to provide information about your company’s structure, product and services, location, annual revenues, etc.
It will take at least 30 days to obtain your D-U-N-S Number, although you can expedite your application if you need it immediately.
Can I Check My D-U-N-S Number?
Once you have obtained your D-U-N-S Number, you can update your financial information as needed and also do business credit checks to make sure that information on file about your business is correct.
“We recommend you check your business credit regularly,” says Cece Mitchell, senior vice president and SBA administrator for Zions Bank’s parent company, Zions Bancorporation.
“We recently had a company with a slow payment history being reported by two vendors. The company knew they had never been late, so they asked D&B to do research,” she says. “The error was discovered and the company’s credit report was revised to reflect the good payment history they had. If they hadn’t checked, they may not have qualified for financing.”You can also use Dun & Bradstreet to check the credit history on your clients.
In short, the D-U-N-S Number gives you an opportunity to be proactive with your credit and see how other companies perceive you, which can help you make the best business decisions possible.