A DUNS (Data Universal Numbering System) number is similar to an individual’s national insurance number, in the sense that it holds information personal to you, and this is the same for a DUNS number for companies.
The number holds up to date and timely information in a business credit report that can be searched upon by potential credit lenders or business partners to help them predict the reliability and financial stability of the company in order to aid their decision making process. It has been seen to establish a good level of credibility with lenders which in turn could grant you more favourable finance terms. It also identifies the different relationships between corporate entities.
It’s particularly useful in helping expand to trade with different countries as it is widely used and recognised around the world. It helps government bodies outside your home country view you as a legitimate business.
All ‘newly’ registered companies are automatically issued with a DUNS number. If the company does not have one, it can be requested online free of charge, taking between 5 and 30 days to be issued.
A DUNS number is really useful if a company is looking to secure external credit or go into business with someone else.