A DUNS quantity may help your organization set up a enterprise credit score rating and negotiate higher cost phrases with suppliers. Formally known as a Information Common Numbering System quantity, a DUNS quantity can be required to use for sure authorities contracts, in addition to some grants and loans.
This is what to know concerning the DUNS quantity, together with why and easy methods to get one.
What’s a DUNS quantity?
A DUNS quantity is a singular nine-digit identifier assigned by Dun & Bradstreet, one of many three main enterprise credit score bureaus. Consider it as primarily a Social Safety quantity for what you are promoting. However not like a Social Safety quantity, which is issued solely to residents of the U.S., DUNS numbers are issued to and utilized by firms worldwide.
Your DUNS quantity is linked to your Dun & Bradstreet enterprise credit score profile and is utilized by collectors, distributors and suppliers to verify what you are promoting credit score scores and assess your organization’s monetary well being.
Who wants a DUNS quantity?
All companies — no matter age, measurement or enterprise construction — can apply for a DUNS quantity. And there may be little draw back in doing so.
Making use of for a DUNS quantity is free and helps set up and construct what you are promoting credit score, which is publicly accessible to potential lenders, enterprise companions and buyers. A robust enterprise credit score rating can result in higher phrases on small enterprise loans, insurance coverage and commerce credit score agreements.
Companies that intend to bid on sure authorities contracts ought to apply for a DUNS quantity properly prematurely. Many state and native governments require a DUNS quantity to obtain state funding, whether or not by way of contract, grant or mortgage. It could take as much as 30 days to get your DUNS quantity, so apply early to keep away from the stress and expense of expedited processing (extra on that beneath).
DUNS numbers had been beforehand required to use for federal contracts or grants however had been phased out in April 2022 in favor of a Distinctive Entity Identifier, or UEI, issued by way of the U.S. Common Providers Administration’s System for Award Administration, or SAM.gov.
Easy methods to get a DUNS quantity
You’ll be able to apply for a DUNS quantity without spending a dime by way of Dun & Bradstreet’s website. Relying on what you are promoting kind, you’ll want to offer some or all the following data:
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What you are promoting’s authorized identify, cellphone quantity and deal with. Companies with a number of places ought to apply for a separate DUNS quantity for every location.
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Title of the enterprise proprietor, president or CEO.
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Major trade and the entire variety of staff (full- and part-time).
It could take as much as 30 enterprise days to get your DUNS quantity, although you possibly can pay $229 for expedited processing to get your quantity inside eight enterprise days. With both possibility, your DUNS quantity shall be emailed to you as soon as issued.
🤓Nerdy Tip
What you are promoting will be assigned a DUNS quantity with out requesting one if a provider or monetary establishment requests details about your organization. Use the DUNS lookup tool to see if what you are promoting has a credit score file with Dun & Bradstreet.
DUNS quantity vs. EIN: What’s the distinction?
A DUNS quantity and an EIN are two distinct enterprise identifiers used for various functions.
A DUNS quantity, however, is utilized by different companies and potential collectors to evaluate your organization’s monetary well being. It’s not used for any tax functions and no enterprise is legally required to have a DUNS quantity (although it could be required for sure jobs, grants or loans).
How lengthy does it take to get a DUNS quantity?
How a lot is a DUNS quantity?
Does a DUNS quantity expire?
What’s Dun & Bradstreet?