What is a D&B Number?
What do 225 million companies spanning across 190 countries all have in common?
They all have a D&B Number.
So what is a D&B Number? Why is it important? How does my business get one?
In this post I will be covering everything you need to know about the DUNs Number and more importantly the key role it plays in establishing a creditworthy business.
A D&B Number also known as the D-U-N-S® Number or Dun & Bradstreet ID Number is a 9 digit number that is unique to each business that has one. This numbering system, known as the Data Universal Numbering System, was developed by Dun & Bradstreet back in 1963 in order to help standardize business information.
The D&B Number is assigned to all types of business organizations such as corporations, partnerships, non-profits and government entities. However, it’s not just a number; it’s a system that keeps all of a company’s data, payment history, etc. into a single platform that’s compiled into what we call a business credit report.
Today, the D&B Number is the standard business identifier for the U.S. and many other countries. Did you know more than 200 global, industry, and trade organizations either expect or require a business to have one? For example, if you plan to market to U.S. government agencies to secure government contracts one of the requirements is your company has a D&B Number.
For over 30 years the U.S. Federal Government has relied on the D-U-N-S Number as well as major retailers such as Wal-Mart and Target who require their suppliers to have D&B Numbers.
Why is a D&B Number important for my business?
Once your company obtains a D-U-N-S® Number it enables you to start establishing a business credit profile completely separate from you as an individual. When creditors can access in-depth information about your business such as company background information, financial data, payment history, and industry trends, it allows them to conduct the proper risk assessment on your company.
When applying for credit as a business, lenders, creditors and suppliers rely upon agencies such as Dun & Bradstreet for credit risk management and company research. Without a D&B Number and profile, creditors cannot make a proper risk assessment on your business which may trigger a decline for credit. In addition, potential business partners, customers, insurance companies, and government departments also utilize your D&B Number to review your company’s profile and credit rating.
How do I get a D&B Number?
You can get your D-U-N-S® Number by following three simple steps. If time is a crucial factor for you, you can choose to obtain your D&B Number in as little as 5 business days but it comes at a cost. Remember, getting a D&B Number simply creates a marketing file of your business in D&B’s database. D&B will consider your file incomplete until your business has actual trade lines reporting.
To start building your D&B credit file requires adding trade references or doing business with suppliers and creditors that share payment data with Dun & Bradstreet. If you are serious about building a creditworthy company than start by getting a D&B Number and then establish a strong credit file with one of the largest business credit reporting agencies in the world; Dun & Bradstreet.
Ready to start building your business credit? Become a member of my Business Credit Insiders Circle and gain access to a proven step-by-step business credit building system. A system that provides you access to vendor lines of credit, fleet cards, business credit cards with and without a PG, funding sources and lenders that report to all the major business credit bureaus. Submit your name and email below for details and receive a free business credit building audio seminar ($597 value) =>
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About the author
Marco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle. He is a business credit blogger for Dun and Bradstreet Credibility Corp, the SBA.gov Community, About.com and All Business.com. His articles and blog; Business Credit Blogger.com, have been featured in ‘FOX Small Business’,’American Express Small Business’, ‘Business Week’, ‘The Washington Post’, ‘The New York Times’, ‘The San Francisco Tribune’,‘Alltop’, and ‘Entrepreneur Connect’.