D & B® Insider Secrets To Build Business Credit!

Ever wonder how your business information gets reported to D & B®?

Dun & Bradstreet® is more than just a credit evaluation service. They also share insight on businesses, so that companies can sell and market to other companies that have the characteristics of the ideal customer.

They also help businesses what we call “rationalize” their spend. Our big example here, in this case, was there’s a major computer maker in the world. Well, depending on whether you use their long name or their 3 initials, or some combination of that, that business could look like 3 different companies in your database. And you might think you’re doing $X with each of these 3 businesses. But when you take a step back and look at it, you’re really doing a lot more with the same entity. You just have it in your database multiple times.

So, we rationalize the spend for companies. Now, what does that mean to you?

It means that when D&B® processes data, they assign the Dun’s number to a business entity. That equates to your Social Security number.

Now, knowing that ABC Company out of Las Vegas, Nevada has 2 locations, one is a warehouse, one is their sales office, and knowing that these are all the same entity, the way that that’s done is by assigning it an identifying number that
is unique, that can be used to match other pieces of data and attribute it back to that company.

That’s the whole key to the D&B® database. The whole key is being able to attribute individual pieces of information back to the proper company.

Now, again, what does that mean to you? It means that you want to make sure that the information attributable to your company is in D&B®’s database correctly.

Don’t allow any of your business partners, whether it be your customer or your vendor, or the government as far as reporting taxes, don’t let any of your business customers have wrong information about you on file. Make sure it is spelled correctly, make sure the spaces and the commas and the periods are all consistently in the same location whenever they refer to your company, so that it’s easier for D&B® to attribute individual pieces of information back to your company.

First of all, it’s important to know that D&B® gets its information from literally thousands of sources every day. Every night, there are over one million individual updates to business information on the D&B® database. Every night, one million items of information are attributed to a company.

They collect this information from all over. The primary source that they use to identify a brand new company is business registrations for each state.

Every state reports all of their new business registrations to D&B® electronically. That’s #1: you register your business; you will get on the D&B® radar.

But no piece of information is published until it is corroborated. The fact that a business has registered in Nevada does NOT mean it’s going to start a D&B® profile. They will identify it and they will put it in holding. And then as they get other pieces of information that can be attributed to that same business entity, they will start to put together a file.

Once the file has a minimum, they call it the Super 7, there are 7 distinct elements that pieces of corroborating information they to have.

What this all means is you have the business registration being the first event, first piece of information. Another piece of information comes through, like getting a Federal Tax EIN number assigned. That comes from the federal government.

Those are 2 distinct events. And if the name of the company, the address, the phone number, the principal’s name, and the zip code all match on both of those 2 pieces of information, they are considered to be corroborated, and now we have a positive entity exists.

About The Author: Scott Letourneau is the CEO of Fast Business Credit, Inc. When it comes to securing cash and vendor lines of credit and avoiding costly mistakes his company is the authority. For further assistance regarding the development of business credit go to http://www.FastBusinessCredit.com or call FBC at 1-888-313-6333 or 702-977-5246.