A DUNS number, which stands for Data Universal Numbering System, is a unique nine-digit identifier for your business in the Dun & Bradstreet (D&B) database. D&B is a major business credit bureau that provides data and analytics to help companies make informed decisions. Having a DUNS number is essential for building a business credit profile, as it allows vendors to verify your company and can make it easier to secure business financing.
Who Is Dun & Bradstreet (D&B) & What They Do
D&B is one of the top three business credit bureaus that collect and analyze data on various companies. They offer products and services such as credit profiles and scores, which provide valuable insights into a company’s legal name, history, payment track record, creditworthiness, and stability. This information is crucial for potential business partners who may be considering extending credit, offering loans, or entering into a business relationship with your company.
How to Get a DUNS Number
Obtaining a DUNS number is a straightforward process that begins with applying for one on D&B’s website. The steps involved include selecting your company type, providing detailed information about your business, going through the checkout process (with the option to expedite for a fee), and receiving your DUNS number via email once your company is authenticated. It’s important to ensure the accuracy of the information provided to expedite the process.
Benefits of Having a DUNS Number
While not mandatory, having a DUNS number offers several advantages for your business. One key benefit is enhanced access to funding, as the number adds credibility and transparency to your business, making it easier to secure loans and establish partnerships with vendors. Additionally, a DUNS number can increase your chances of securing international business, government contracts, and grants, as many entities require it for verification purposes.
How to Look Up Your DUNS Number
If you already have a DUNS number and need to locate it, you can use D&B’s Lookup Tool by entering your company name and address. In case you don’t find your number, it may indicate that you don’t have one yet. You can request a DUNS number for free through the D&B website or by contacting a D&B representative for assistance.
Managing Your DUNS Number
Once you have a DUNS number, it remains the same and does not expire, even if your business undergoes changes. However, you can update your profile, such as address or contact information, by submitting a request through D&B’s D-U-N-S Manager form. It’s essential to keep your information current to ensure accuracy and reliability for potential business partners.
In conclusion, a DUNS number is a valuable asset for your business, offering credibility, access to funding, and opportunities for growth. By obtaining a DUNS number and maintaining an accurate profile, you can enhance your business’s reputation and increase your chances of success in the competitive business landscape.