The DUNS number actually means Data Universal Numbering System. It was first developed by Dun and Bradstreet back in 1963 with the intention of helping them with their practice on credit reporting and to make it easier and more organized for them. Since the development of the DUNS number, it has been used and adopted by the entire world. At present, it is being used by the European Commission. It is also being utilized by the United States government as well as the United Nations. The DUNS number is composed of nine digits and it is used by organizations to help identify a business or a company.
A look at the DUNS database at present, one would be able to see that it has more than 285 million entries of commercial entities.
How is the DUNS number used?
For business owners, the DUNS number is a very important piece of information. This is especially true for those owners who would like to secure their company or business with regards to its finances and would like to get approved for credit loans or business loans.
A business or a company will have its own business credit file that would be found in the Dun and Broadstreet database. Any credit lenders or loan lenders who would like to know more about the company or business that is applying for a loan would be able to access the records to know more about the company or business. They will be using the DUNS number to do so. The information on the Dun and Broadstreet database would help lenders understand the financial situation of the company or business and would help them know about its reliability and stability in terms of money. Any potential business partners may also want to look up the company or business and learn more of its finances. The DUNS number will help them access that. These potential business partners want to know more about the company or business before they invest and they would like to know if it is legitimate and if it is stable in terms of its finances. All information in the DUNS system would actually be up-to-date and extremely helpful for those who have access to it and would like to learn more about the company or business.
How do you get a DUNS number?
Businesses and companies that are registered and are based in the United Kingdom or Ireland can easily get a DUNS number. If the business or company is new, it is automatically given their own unique DUNS number. An owner does not have to pay to get this number as it is free. There are owners who have no idea what the DUNS number is. They are encouraged to learn more about it. They can go to the website of Dun and Bradstreet and learn about it through the lookup feature. Detailed information on the number can be found there. To apply for a DUNS number, a business or company owner should provide the following: • Legal name • Name of headquarters of the business or company • Address of the headquarters of the business or company • Doing Business As (or the DBA) or any name that the business or company is using or known for • The physical address of the business or company • The mailing address of the business or company if it is different from the physical address and the address of the headquarters • Phone number • Contact name • Title of contact • Total number of employees that are working at the physical address • If the company or business is based on the owner’s home address
With a DUNS number, a business owner can better negotiate to get better credit. It should also help owners get loans or investors easily since they can access the company or the business’ financial information easily.
published under Business Address Guides
