The Data Universal Numbering System (or also known as DUNS number) was developed in 1963 by Dun and Bradstreet. Their intention for doing so was to help them with their own practice which offered credit reporting services. The system would allow them to do things easier and make it more organized. Ever since the DUNS number was developed, many people started to see how beneficial it was and thus it has been used and then adopted by the whole world.
Currently, the DUNS number is used by the European Commission, the government of the United States, and the United Nations. It is made up of nine digits and organizations use this to them identify a company or a business.
By looking at the current DUNS database, one can be astounded by the sheer number of commercial entities that have been given this number. There are over 285 million DUNS numbers and the number is surely going to go up in the coming years.
How is it used?
This number is a very essential piece of information for business owners, especially for those business owners who are looking to secure their business or company’s finances and are planning on applying and getting approval for a business loan or a credit loan.
Each business or company has its own credit file included in the database of Dun and Broadstreet. Credit or loan lenders who would like to get more information about the business or company that have sent in an application for a loan can access the business or company’s records from there just by using its DUNS number. Information on the database helps these lenders have a better understanding of the company’s financial situation and such would allow them to know the company’s reliability and stability when it comes to its finances.
Potential partners of a business or company who may want to learn more about it and its finances can also access the database using the DUNS number. It is essential for these potential business partners to learn more before they actually invest in it. It would also be a great idea for them to look at the legitimacy of the business and the stability of its finances. It is an investment and they have to be sure that they are investing in the right business or company. It is a good thing that the DUNS system’s information is updated regularly and is very helpful when it comes to get company information as long as one knows its DUNS number.
How does one get a DUNS number?
For all companies and businesses that are based and registered in the UK or in Ireland, getting a DUNS number is easily. New ones automatically are awarded their unique DUNS number upon registration and owners get it for free.
Some owners of businesses or companies do not know their DUNS number but it is important that they know it. To find out their DUNS number, visiting the Dun and Bradstreet website should help via the lookup feature. More information and details about the DUNS number can also be accessed there.
Owners of a business or company should provide the following information when applying for a DUNS number.
- Legal name
- Headquarters’ name of the business or company
- Headquarters’ address of the business or company
- Doing Business As (or the DBA) or any name that is used by the business or company
- The business or company’s physical address
- The business or company’s mailing address if it is not the same as the headquarters’ physical address
- Phone number
- Contact name
- Title of contact
- Total number of employees who are working and reporting to the physical address
- Indicate if the actual company or business is based right on the owner’s home address
Business owners can have a better handle at negotiation for better credit once they have their DUNS number. Owners also can use the number to easily get the investors or loans they need since third parties can learn more about the company’s finances via the DUNS number. New businesses should learn about the DUNS number and its benefits as well as learn how they can use registered company addresses should they choose to have that from businesses like Company Address.
published under Business Address Guides
