What is a DUNS Number Used For?

Do you know the difference between your EIN and D-U-N-S® Number?

Having trouble determining what is a DUNS Number used for?

In today’s post, we’ll go over ten ways a DUNS Number is used and how it can benefit your company. Whether you’re a startup or existing business in search for credit or funding, a B2B business, a manufacturer wanting to win contracts, a supplier selling goods, or a construction company; after reading this post you’ll know exactly why the D-U-N-S® Number is so important.

First, let’s go over the difference between your EIN (Employer Identification Number) and a DUNS Number (Data Universal Numbering System). Although each of these are 9-digit numbers that identify a business they are not the same and they are used for different purposes.

An EIN Number is issued by the IRS to identify taxpayers who are required to file business tax returns. This 9-digit number is how the IRS identifies your business. In addition to filing taxes, you also use your EIN to open a business bank account, apply for business credit, and apply for business permits.

The D-U-N-S® Number is also a 9-digit number but it’s issued by Dun & Bradstreet, for business credit reporting purposes. The DUNS Number is linked to your company’s business credit profile with D&B; which is used by lenders, suppliers and potential business partners to help determine if a company is creditworthy and/or financially stable.
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DUNS Number Listing

Do you plan on getting financing for your business?

How would a business, supplier, vendor, bank or lender get a better understanding of your business’ credit history and creditworthiness?

In today’s post, we are going to dive into the D-U-N-S® Number and why your business needs one. The greatest benefit of having a DUNS number listing for your company is that anyone looking to assess whether your company is creditworthy will likely look to Dun & Bradstreet to find out.

If a DUNS Number listing for your company doesn’t exist then your personal credit will most likely play the dominant role for all business credit granting decisions.

Banks almost universally rely on your PAYDEX® score and D&B Score when they are checking your business credit file via the D-U-N-S® Number. Did you know in the first 6 months of 2013, according to Creditera, Dun & Bradstreet had 45 million business credit reports pulled?

In fact, almost all Fortune 500 companies require a D-U-N-S® Number when applying to do business as a supplier, contractor or consultant.
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