I have had my business for a few years and each year I have thought about paying for a DUNS number but I am not sure if I should. What is the benefit for me to do so? Or am I better off keeping my $500 in my pocket and investing in other areas of my business?
The DUNS number is free. The cost you pay is to build credit with this number. The fee they charge allows you to submit several bills that you pay on a regular, timely basis. This is how they establish a credit rating for you. Once you have a DUNS number some companies may also report payments against your number. I would only be concerned with this number if you are seeking to expand your business and will need a large amount of credit. Most banks and other lending agencies will use your personal credit to determine if they will lend to you or not as a small business. Once you have a few locations or are looking for larger credit accounts then the $500 will be nothing. If you're not sure you should spend the $500 then you definitely don't need the credit history building part but the free DUNs number will certainly not hurt you.
The DUNS number is free. The cost you pay is to build credit with this number. The fee they charge allows you to submit several bills that you pay on a regular, timely basis. This is how they establish a credit rating for you. Once you have a DUNS number some companies may also report payments against your number. I would only be concerned with this number if you are seeking to expand your business and will need a large amount of credit. Most banks and other lending agencies will use your personal credit to determine if they will lend to you or not as a small business. Once you have a few locations or are looking for larger credit accounts then the $500 will be nothing. If you're not sure you should spend the $500 then you definitely don't need the credit history building part but the free DUNs number will certainly not hurt you.
I just learned that the DUNS number is no longer free. They now charge $149 as a verification fee. It used to be free when I got a number a few years ago. Now the DUNS number is free only for businesses who will register with the US Federal government for contracts or grants.
I just learned that the DUNS number is no longer free. They now charge $149 as a verification fee. It used to be free when I got a number a few years ago. Now the DUNS number is free only for businesses who will register with the US Federal government for contracts or grants.
I faced the same decision. The D&B does one thing really well, it unlocks your ability to sell to the government and military.
I do not know, but I suspect, that it may help with larger organizations such as the Red Cross, etc.
teamextension | Contributor |
2/22/2010 - 12:45 am
The actual DUNS number is free. The $500 must be extra services from D&B. You can get the free DUNS number and decide if you need the extra services.
You will need a few registrations before you get started on your road towards a GSA
The registrations you are going to need to have in place:
Copy of your CCR Registration www.ccr.gov
Copy of your ORCA Registration http://orca.bpn.org
Your Duns #
Your TIN (Tax ID #)
I hope this is helpful!
You will need a few registrations before you get started on your road towards a GSAThe registrations you are going to need to have in place:Copy of your CCR Registration www.ccr.govCopy of your ORCA Registration http://orca.bpn.orgYour Duns #Your TIN (Tax ID #)I hope this is helpful!
That $500 Credit Builder is not a bad deal. It helps you build corporate credit by getting your vendors report you doing business (and hopefully paying on time).
I highly recommend it. It sure helped us ...
You will need a few registrations before you get started on your road towards a GSAThe registrations you are going to need to have in place:Copy of your CCR Registration www.ccr.govCopy of your ORCA Registration http://orca.bpn.orgYour Duns #Your TIN (Tax ID #)I hope this is helpful!
Exactly, We got a DUNS number a few years ago. It was free. But, we needed it to be listed on the CCR (Central Contractor Registion). This has been one of the best things we have done (registering on CCR). It allows governement agencies to be able to purchase from us easily.
nullvariable | Performer | 2/22/2010 - 8:16 am
teamextension | Contributor | 3/3/2010 - 7:26 pm
TheoMoser | Window Shopper | 3/4/2010 - 9:11 am
teamextension | Contributor | 2/22/2010 - 12:45 am
jmstout1 | Window Shopper | 3/17/2010 - 9:50 pm
GSA_FastTrack | Performer | 4/16/2010 - 5:31 pm
testcountry | Creator | 5/12/2010 - 11:58 pm
frankenstein897 | Creator | 5/14/2010 - 2:11 pm
JimD | Former Moderator | 6/23/2010 - 7:23 pm
Join The Discussion
You must be logged in to join the discussion. If you already have an SBA Community account, Log In to join the discussion.
New users, Register for a new account and join the conversation today!