Building Business Credit without a DUNS Number
You can begin the process yourself with Dun & Bradstreet. You can get a D-U-N-S number, their way of tracking your business credit, here. Even if you don’t get a D-U-N-S number, they will eventually start a file on your behalf if data is reported to them.
Importance of DUNS Number for Business Credit
Your DUNS number is a globally recognized identification number developed by the Dun & Bradstreet credit bureau. This unique number links your business to a D&B credit file.
Once you’ve got this setup, you’ll be in a position to start opening accounts so you can officially start building business credit. Vendors can then report your payment history to a business credit bureau like Dun & Bradstreet, Experian Business, or Equifax Business.
Registering for a DUNS Number
Business entities may request the DUNS number by calling a toll-free telephone number: 1-(866) 705-5711. Tell the operator that you are applying to a Federal financial assistance program and need to register for a DUNS number.
Importance of DUNS for Government Transactions
The greatest benefit of establishing a DUNS number for your small business is that anyone seeking to better understand your business’ credit history and creditworthiness will likely look to Dun & Bradstreet to find this information. Businesses that contract with government agencies are required to have a DUNS number.
Reasons for Having a DUNS Number
You need a DUNS number because it is required for receiving your business credit report from Dun & Bradstreet and for applying for any grants or cooperatives from the federal government.
Do Businesses Need a DUNS Number?
A DUNS number is required from banks and lenders on business loan applications to obtain the credit file of the applying company. Likewise, a DUNS number is required when applying for a loan from the U.S. Small Business Administration (SBA).