To help businesses create a credit score and record, a DUNS number is assigned by Dun & Bradstreet, one of the three business credit bureaus. It may also be referred to as a D&B number. You can apply for a unique DUNS number either by phone or online. To learn more about obtaining a DUNS number, read on.
What is a DUNS number?
A DUNS number is a nine-digit number that keeps track of information about a business and is unique to each location. If your business has multiple physical locations, each location can apply for its own DUNS number.
Dun & Bradstreet (D&B) created a proprietary system for DUNS numbers. D&B keeps a database called Live Business Identity, which contains business credit scores, general information, regulatory filings, and other financial information for entities with DUNS numbers. Negative financial judgments, such as bankruptcies, are also accessible through a DUNS number search.
Does every business need a DUNS number?
It is not mandatory for every business to have a DUNS number. However, having one can be advantageous in terms of establishing good business credit and is essential for certain funding applications. Additionally, Dun & Bradstreet requires a DUNS number to generate a credit report.
The mandates that all businesses applying for federal grants or cooperative agreements must have a DUNS number unless they are sole proprietors. Private lenders may also require your DUNS number to review your business’s credit score and other information before approving a business loan.
How to get a DUNS number
Obtaining a DUNS number is quick and easy- you can either do it online or over the phone. Best of all, it’s free!
- To apply, you can either call 1-866-705-5711 or visit Dun & Bradstreet’s website.
- Please specify the type of business you have, for example, if it is a U.S.-based business or a business that works as a contractor for the U.S. government.
- Please provide the following details about your business: legal name, business address, the year it was established, legal structure, and name of the business owner or CEO/president.
- Please click on the “Submit” button to finalize your application.
To be eligible for federal funding or government contracts, it is necessary for you to register on SAM.gov after obtaining a DUNS number.
Where to find your DUNS number
You can use the DUNS lookup if you’re uncertain about having a DUNS number or need to verify your number. Additionally, the lookup permits you to view the numbers of other businesses, which can prove beneficial if you’re contemplating investing opportunities or a new partnership.
The bottom line
Having a DUNS number is helpful if your company needs federal funding or wants to bid on federal contracts. Additionally, it can assist any company in establishing business credit and demonstrating creditworthiness to private lenders. However, it’s essential to remember that getting a DUNS number means your positive credit history and negative events, such as bankruptcies, will be monitored.