Tips on Dun and Bradstreet DUNS Numbers
Until a few years back, I had no idea what Dun & Bradstreet (D&B) did. I never was much of a finance whiz, nor had I ever borrowed even a dollar for a business. I guess that’s why I never had a DUNS number (also spelled D-U-N-S).
When I started a consulting business focused on government clients, I was required to submit a DUNS number with my various contractor certification and supply schedule documents. You can see where I’m going here… I had no idea what a DUNS number was. I checked around and found out that D&B issues these nine-digit DUNS numbers (data universal numbering system - see Wikipedia for more info) to identify business entities around the world. Nearly any distinct entity, for-profit or nonprofit, can obtain a DUNS number. It is then used by banks, government agencies, and other companies to assess creditworthiness. Think of it as a way to figure out whether it’s worth lending money to or doing business with your company. Organizations applying for grants from Grants.gov and companies seeking government contracts need a DUNS number.
You can read about what D&B does for small business on its website targeted towards small businesses. D&B makes the case that a small business could lower its borrowing costs by building a strong credit profile using a DUNS number and, of course, other D&B services.
When I had to obtain a DUNS number three years ago, it was simple and quick. I went to the D&B website, answered a few questions, and D&B promptly - for FREE - emailed me a DUNS number. Things have changed quite a bit since then.
Now, D&B will not issue your DUNS number quickly without charging you a fee. If you decide to request the FREE version, you are required to wait, according to an email from D&B, “30 business days (approximately 43 - 47 calendar days) to process.” The explanation continues, “For only $49.99, you can Expedite the basic Free application and get your D&B D-U-N-S Number within 5 business days instead of 30.” Or, better yet, “For only $549, you can get your new D&B D-U-N-S Number in 1 business day and have a complete D&B Credit File created for your company.” Choices, choices, choices…
My point is that if you need to obtain a DUNS number in a hurry and want it for free - like the good old days - that is not going to happen. Or, is it? D&B makes an exception for government contractors. If you’re planning on becoming a government contractor, you can obtain your D&B number for FREE in one day by applying online or in 5 to 10 minutes over the phone. You can only access this FREE, quick application or 800 number at the special D&B government contractor website.
If you think you may puruse government contracts, definitely take advantage of the special website. Otherwise, small businesses should consider applying for their DUNS number long in advance… if they want a FREE one. And, check with your bank or financial advisor regarding whether the additional D&B services are appropriate for your situation.
On a side note, I wanted to throw out a good word for a ScrappyUntechie reader who writes the a site called smartmove. Beyond saying some very nice things about what my blog covers, she also keeps good tabs on useful sites - mostly related to finance, shopping, and business.
All is well.
