How To Start Business Credit & get a D-U-N-S number for free.
How do you Start Business Credit and get a Business Credit Score? You need to start with D & B, aka Dun and Bradstreet. Step one is register with them and get a D-U-N-S number. Watch to find out an inside tip on how to save over $200 in the process. There is no bigger name in the industry than D & B in Business Credit. If you want to start building business credit that watch this now!
This time I want to talk about business credit. I had a question a wile ago about business credit and how it gets established business credit. The foundation for business credit and the only main repository with a legitimate database that eventually became Experian. Experian started out as a business credit bureau and it still is a big part of their business. But for the last twenty years when you are talking about business credit there is on one place to go and that is Dunn and Bradstreet. D and B work very much like the big three repositories and the old time credit industry.
When you create an account with D and B you need and make sure your creditors report to the D&B database. There is very little electronic reporting, most of the verification is still done by someone calling and verifying the creditor information. Then adding it to the Dunn and Bradstreet database business credit file. Once you get a Duns number you are officially registered with the D&B database. Now when you go to apply for a business credit application at the bank they are going to ask you for your Dunns number. If you have a Dunns number they now have some sort of credit to look at in addition to your own personnel credit when you are starting out.
Step number 1 is to get over to D & B .com the main website and look for the D and B / Dunn’s number. If you are going to do business with the government, you can just get a government D and B number. There is no cost for a government Dunns number. Although if you order a regular Dunn’s number, there is a couple hundred dollar fee. I would recommendm if you are just starting out there is no difference between the two. If you plan on adding business credit you are going to have to go back and and pay for that anyway, so you may as well start out with a Dunn’s number for free.
Go to www.dnb.com Enter your business name, Dunn and Bradstreet to start with enter a new businesses if you are small or just starting out DNB will scan the new business register. Dunns may not have any information on your company but enter your EIN number. If there is a similar types of business it will pull those businesses up and then select your business or fill out all the required information. Then you will be asked some identity challenge questions, with is very much like ordering your free credit report on CreditReportDotCom. Enter the rest of your company information, other business names, toll free number, fax number company website.
DnB will be verifying the address, what type of corporation you have. The year the business started is very important. another question is if you have if another company ownership that is 50% or more o
FYI I got hung up on the pop up blocker, so you are going to want to allow pop up’s wile you go through this process. D n B did bring up my wife’s company it matched it up by address. My wife has a d and b number for her business but it has been open for twenty years. Dunn and Bradstreet will do search of the database and try and get business information.
Next fill out the management information then hit next, add the sic code this is a lot like the categories that you fill out for your taxes. enter the total number of employees, primary place of business, owner, watch out for the pop up blocker. Next up we have a summery of the information, it asked me why was I getting a Dunns number. I listed my reason then hit next, then click submit the price was $0.
I would recommend using this type of number when you are starting out, it will take one business day to be investigated. DnB will do the background check and verify all the information. That is it! A Dunn’s number says that yes we have investigated you and it is a ligament business.
Step two is after you get the number you have to provide some credit data. It is very much like the old time credit business where you provide the company with venders and they call and verify with the vendor. The score is dollar waited and I will make another video on what the scores represents. The creditors that you spend a lot of money with those are the ones that you will want to provide.
So then click on establish business credit. Then scroll down to the bottom and right here, get the Dunns registered with smart seal it will cost money to build business credit for $70 bucks a month. You can add four creditors, it is important to build business credit. This is the best way to do it, now when companies search for your business on D and B your company will show up there. There you have it that is how you get a Dunns number.To get a free Experian is a little bit diffrent. I will make a followup video for that. I wanted to start with DandB. Inquiries do not count toward your DandB Score. I will make another video about the score. Click here for the PAYDEX Score video.