What is a DUNS Number Used For?
How Do You get a DUNS Number?
You get a DUNS number from Dun & Bradstreet, and they offer this option to businesses for free. The site walks you through the process and just asks for some basic information about your business.
The first step is to check and make sure your business doesn’t already have one. Anyone can check a DUNS number for a business. Use the DUNS number lookup.
If you don’t find anything the next step is to apply. You will need the following information to apply:
- Business name
- Business address
- Phone number
- Business owner’s name
- Year founded
- Legal business structure
- Number of employees
7 Things You Can Do With a DUNS Number
Small business owners will want to get a DUNS number because it helps them obtain business financing and opens the door to new business opportunities. Here is a list of 7 things you can do with a DUNS number:
1. Establish Business Credit
Just as you need to establish a personal credit history to get approved for loans or credit cards, you need to build credit for your business. A DUNS number is the first step in that process. Once you establish this number, the financial transactions your business makes will contribute to building that history and establishing credibility for your business.
2. Track Your Credit Report
Your credit report isn’t just helpful when you apply for a loan. It can also help you ensure your business information is accurate. With a data universal numbering system like DUNS, you can easily access updated information about your company and correct any errors before they negatively impact your business.
3. Obtain Financing
Once you establish a positive credit score for your business thanks to your DUNS number, you can start applying for loans, credit cards, and other types of financing to move your company forward. This isn’t necessarily a requirement, and there are other credit reporting agencies. But DUNS is a universally recognized numbering system that is often helpful, if not required, in these transactions.
4.Apply for Government Contracts
The federal government requires that contractors and anyone applying for federal grants have a DUNS number. You get your application fast-tracked when applying for this purpose specifically.
5.Appeal to Potential Partners
Any business or individual can look up a company’s credit score using their DUNS number. So it’s a popular solution for companies that want to make sure their partners and clients are financially stable and credible before signing agreements
6.Develop Apps
Apple requires that iOS developers use a DUNS number when creating their account with the App Store. This basically just standardizes the process of signing up and submitting apps.
7.Register as a Supplier
Many major retailers require their suppliers to have a DUNS number. When you register to supply goods to these companies, having this number makes it easier for them to find standardized information about your company.
8.Apply for SSL Certificate
An SSL certificate is a credential that allows companies to make their websites more secure. A DUNS number isn’t a requirement to apply, but it can speed the process along by providing credible information quickly.