In my job, there is a never-ending amount of questions – about business credit, D&B D-U-N-S® Numbers, contracts, funding and more. After a recent webinar done in partnership with Compass Bank on how business credit can be leveraged for funding, the questions came rolling in. I took a few minutes to answer some of these common questions and encourage any business owner with similar questions of their own to reach out to a Dun & Bradstreet Credit Advisor at 1-800-701-7168 for more insight*.
Q1: Do you have a list of vendors that will help build business credit? How do we know which vendors report to Dun & Bradstreet?
Vendors that report to Dun & Bradstreet remain anonymous. You can always ask your vendors if they report and encourage them to get a D-U-N-S Number for their company so they can report your payment experiences.Tweet This
Q2: I’m a new start business (plan writing mode only) how soon should I get a D&B D-U-N-S® Number?
The following information can be required to register for a D&B D-U-N-S® Number:
- Business legal name
- Business registration documentation
- Name of owner or CEO
- Type of business
- Year the business began operations
- Headquarter address and mailing address
- Primary contact information
- Number of employees
Keep in mind, a free D-U-N-S Number can take up to 30 business days to receive, so once you have the above information, put this at the top of your to-do list.
Q3: I am considering establishing a series LLC in Texas; do I only need one D-U-N-S Number or multiple?
Good question. There is still only one D-U-N-S Number associated with an LLC series, so you should not need multiple.
Q4: When do you provide the banker/lender your D-U-N-S Number versus giving them your personal social security number?
This is up to the lender’s rules and policies. Some lenders may want to see both numbers or prefer your personal credit if you are a new business without established credit.
Q5: Is the purpose of the D-U-N-S Number to not have to personally guarantee loans, since you are setting your corporation up to take on the debt and liabilities?
Yes, this is one of the many benefits of having a good business credit profile. You can learn more about the vast benefits of strong business credit in our business credit guide.
Q6: I was told that a lender using my EIN is the same as a lender reporting with my D-U-N-S Number, is that correct? If not how do I fix this so it’s accurately reporting?
This goes back to the lender. An EIN is not the same as a D-U-N-S Number. If the lender is using the EIN, that may be just that one lender. Your vendors, potential customers or insurance companies may be using your D-U-N-S Number and business credit profile, so you want to make sure you are always aware of what those numbers are.
Q7: Should the company name listed with Dun & Bradstreet be the legal name or the DBA (Doing Business As)?
Your company name should be the legal name with the DBA also listed.
Q8: How does your personal credit score affect your business credit score?
There is no impact on your D&B® scores and ratings from your personal credit information.
Q9: What do you do if your legal name and DBA have 2 different D-U-N-S Numbers already assigned? Can they be merged?
Yes, should have the two numbers merged.
Q10: We’re a relatively new business with no business credit history, but on our business credit profile we have unfavorable comments. Is there a way to see who made them and get them removed?
Go to CompanyUpdate, review your file and dispute any information or trade experiences that are not representative of your business (for free).
For more detailed answers to these questions or for more information, call a Dun & Bradstreet Credit Advisor at 1-800-701-7168 or start a live chat.*
*The information and advice provided by Dun & Bradstreet and its Credit Advisors during business credit counseling sessions are provided “as-is.” Dun & Bradstreet makes no representations or warranties, express or implied, with respect to such information and the results of the use of such information, including but not limited to implied warranty of merchantability and fitness for a particular purpose. Neither Dun & Bradstreet nor any of its parents, subsidiaries, affiliates or their respective partners, officers, directors, employees or agents shall be held liable for any damages, whether direct, indirect, incidental, special or consequential, including but not limited to lost revenues or lost profits, arising from or in connection with a business’s use or reliance on the information or advice given during any counseling session.
Photo Credit: yura.selivanov, Twenty20