For your company to prosper, as a business owner, you must build and maintain a solid credit score. Credit bureaus gather information about your company’s operations and use it to determine your credit score. Personal and business credit bureaus operate independently of one another. Dun & Bradstreet, Equifax Small Business, and Experian Business are the three business credit bureaus. Each of these bureaus will be covered in this post, along with any information you should be aware of. The company Dun & Bradstreet (D&B) The oldest and most popular commercial credit bureau is Dun & Bradstreet. To identify businesses, they employ a private system known as a DUNS (Data Universal Numbering System) number. Your business credit history can be tracked using the nine-digit DUNS number. If you intend to seek for any kind of business credit, it is advised that you get your company a DUNS number. By submitting an application on the Dun & Bradstreet website, you can get a DUNS number for nothing. Equifax Small Business, Inc. Another well-known business credit bureau is Equifax Small Business. They provide a variety of goods and services, including as credit rating and credit monitoring. In order to identify businesses, Equifax additionally employs a special numbering scheme known as the Business Credit Risk Score. This score is used to assess your company’s creditworthiness. Experian Business, Inc. The third largest business credit agency is Experian Business. They provide a variety of goods and services, such as corporate credit reports, credit monitoring, and credit scoring. The Intelliscore Plus system, used by Experian to assess your company’s creditworthiness, is comparable to Equifax’s. Do I Use My EIN or DUNS Number When Applying for Business Credit? You must supply your business identification number while requesting business credit. It is advised that you use your DUNS number as your company identification number if you have one. However, you can utilize your EIN (Employer Identification Number) if you don’t have a DUNS number. The IRS uses your EIN, a nine-digit code, to identify firms for tax purposes.
What Is the Price of a DUNS Number? It costs nothing to get a DUNS number. To assist you raise your business credit score, Dun & Bradstreet provides a number of different products and services. These goods and services are not free. Depending on the amount of service you require, the price of various goods and services varies.
In conclusion, any business owner who wants to build and maintain a solid credit score must understand the three business credit agencies and how they function. Building your company’s credit should start with obtaining a DUNS number. It’s crucial to keep in mind, though, that lenders don’t just base their decisions solely on your credit score. To assess your creditworthiness, they will also consider your company’s financial records, cash flow, and other elements.
