What’s your DUNS Number?
If your company is designed to collect payments, set up payment terms with suppliers, or seek financing, whether it be now or in the future, or to grow your business, registering with DUN & Bradstreet is essential.
DUN & Bradstreet is a private business credit reporting agency in the US. It is the primary platform for registering and monitoring business credit.
When registering your company with DUN & Bradstreet, a 9-digit number (similar to an SSN) is assigned to your business. Just like an individual SSN is requested, Business owners must request their DUNS number. It is not automatically assigned and given like an EIN number is after registering your company with the SOS.
A DUNS number can also be created for a business when a third-party supplier or financial institution requests information about the business through DUN & Bradstreet. If a DUNS number doesn’t already exist, one may be created without the business owner’s permission or knowledge—so it’s possible your business already has one.
The greatest benefit of establishing a DUNS number for your small business is that it provides an understanding of the business’ credit history and creditworthiness. It makes borrowing funds easier.
It’s also good to know that after a DUNS number is established and basic business data is provided, information, including public findings, judgments, and bankruptcies, will automatically be added to the business’ credit history.
For more information on the importance of a business bank account, call me today at 984-355-9703. You can also drop me a line at VanessaKbroker@gmail.com. I’d love to hear from you.
Image: Credit Card
Source: National Federation of Independent Business (“NFIB”) | What is a DUNS Number and Does Your Business Need One | By: Karen Sams | Date: February 16, 2016