DUNS number – a global business identifier that your company might need at some point or stage in the lifespan of your business. It is a nine-digit number issued by Dun & Bradstreet, who establishes your credit profile by verifying and uploading it into the data cloud—which is a repository of company information of all businesses. But that’s not it. Obtaining a DUNS number helps in many other ways. In this blog, we are focusing on what are the effective uses of DUNS numbers so that your business can make the most of it.
4 Uses of DUNS Number that You Should Know About
Following are the uses of having a DUNS number to help you evaluate its effectiveness.
- Often Required for Doing Business Overseas: DUNS number is also required by many foreign governments and organizations before they will do business with a company. This is because the DUNS numbers provide a standard, universal identification of the business, which helps to facilitate international trade and commerce.
- View Credit Reports of Other Businesses: DUNS numbers can be used to view the credit reports of other businesses. Dun & Bradstreet, which assigns DUNS numbers, also maintains a database of credit reports on millions of businesses worldwide through which you can access information.
- Granting Credit: DUNS numbers are used by insurance companies and financial institutions to assess the risk associated with a business and to determine the creditworthiness of a company. It provides information on credit history, payment information, and financial stability, allowing lenders to determine whether a business is a good candidate for credit. DUNS numbers are further employed to verify a company’s identity and legal status, helping them to prevent fraud.
- Marketing and Advertising: DUNS number is used to create marketing and advertising campaigns targeted at specific industries and companies. Businesses can use DUNS numbers to identify potential customers in B2B business models, track industry trends, and develop targeted marketing strategies.
Steps to Register for DUNS Number
If you want to claim the benefits of using a DUNS number and haven’t registered your business yet, the following is a step-by-step guide for you to apply for it today.
- Go to the Dun & Bradstreet (D&B) Website: Visit the official D&B website and start the registration process of claiming a DUNS number at https://www.dnb.co.in/duns/get-a-duns.
- Enter all business information of your firm: Enter your business name, address, legal structure, industry, number of employees, annual revenue, and contact details, and head to the next step.
- Review and submit your application: Review your application to make sure all the information is correct and then submit it.
- Wait for approval: It usually takes one to five business days for Dun & Bradstreet to review and approve your application. You will receive an email notification once your DUNS number has been assigned.
Once you have your DUNS number, you can log in to your D&B account to update your business information as needed. Furthermore, you can use it in different ways as discussed in the blog. Use the company insights to strategically partner with other businesses and build strong brand credibility for your business.