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3 Things a DUNS Number Helps You Do

Published By Janet Gershen-Siegel at February 25th, 2018

Here Are 3 Important Things a DUNS Number Helps You Do

Do you know all of the things a DUNS number helps you do? Does your business have a DUNS number? If it doesn’t, you are missing out. A DUNS number is exceptionally helpful. But what is a DUNS number, anyway?

A DUNS number is Dun & Bradstreet’s unique identifier for your company. If your company is Joe’s Pizzeria, there may be one in Oshkosh and another in Hicksville and creditors won’t be able to tell them apart.

Enter the DUNS number. With this unique ID, creditors can punch your information into a search for company information. If a creditor doesn’t know your DUNS number, they can find it on the D&B website.

A DUNS is Key to D&B Data

D&B keeps a large database. Very large, as in hundreds of millions of companies. Databases need unique identifiers. These are known as a ‘primary key’ in the lingo. The DUNS number is the primary key which D&B uses to find your company amidst millions of other companies.

So without further ado, here are 3 things you can do with a DUNS number.

#3 – Get Information on a Company

As noted above, company information in the D&B database is looked up via DUNS numbers.

A DUNS number means a company can change hands yet creditors will still be able to find information on it. A company can move, or become incorporated, or dissolve a corporation. None of that matters; the DUNS number is all you need.

#2 – Use the D&B Website Most Effectively

Dun & Bradstreet requires that you register on their site (registration is free) before they will give you a DUNS number. There are a few slightly different ways to get a DUNS if your business belongs to a special class, such as it is a US government contractor or grantee, or you are an Apple developer, or your company is Canadian.

Registration is simple and, once you have agreed to the Terms and Conditions, you are immediately taken to a dashboard where you either request a DUNS number or you look up to see if your business is already listed and then click on your business name in order to make any needed changes.

Flexibility

Having a D & B login gives you a lot of flexibility. You can:

  • Review and update your existing Dun & Bradstreet credit report
  • Review and dispute any inaccurate payment experiences reported to D & B
  • Update your company’s financial statement and other information
  • Review and dispute any public filing information concerning your business, and
  • View and print a copy of your Dun & Bradstreet credit report

Could you use the D&B site without a DUNS number? It’s not impossible. But having a DUNS number means you can use the D&B site to your fullest advantage.

#1 – Build Business Credit

So you can’t have business credit without a credit score. Let’s look at PAYDEX first.

A PAYDEX Score serves as Dun & Bradstreet’s dollar-weighted numerical rating of how your company has paid its bills over the past year. D & B bases their scoring on trade experiences as reported by various vendors (your company’s landlord, suppliers, etc. as they apply to your particular circumstances).

The Dun & Bradstreet PAYDEX Score is in a range from 1 to 100. So as you might expect, higher scores mean a better payment performance. That is, your company pays its bills on time or early, it pays them as close to fully as possible, and you don’t borrow too much – all of these can keep your PAYDEX score in a better range.

Get a DUNS Number First

Your PAYDEX score does not start to be figured until your company has a DUNS number. So that comes first. There are other means of improving your PAYDEX score. These include establishing company credit which is separate from your personal credit.

Your PAYDEX score comes from your DUNS number and your payment history, so it’s imperative to get your DUNS number first.

But as for Experian and Equifax, they will start to build a file for your company once you’re in the D&B system. But you can’t be in the D&B system without a DUNS number.

Takeaways

So, what are you waiting for? Your business needs a DUNS number! What frustrates you the most about all of the things a DUNS number helps you do?

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