What are DUNS numbers? And does your business need one?
A DUNS number is a unique 9-digit identification number that is issued by Dun & Bradstreet. Businesses are not required to obtain a DUNS number, though it may be beneficial for some.
- Establish Credit. A DUNS number is used to establish a credit file for your business. A DUNS number can help if establishing credit for your business is important. Lenders, suppliers, and credit cards can use your DUNS number to evaluate your business’s creditworthiness.
- Government Contracting. Many local, state, and federal governments will require a DUNS number if you want to bid on a contract.
It is important to note that failure to have a DUNS number will not have any direct negative effect on your business or the credit of you or your business. But if establishing or building business credit is important, or if you want to bid on government contracts, having a DUNS number can help.