Page 18 - Everything You Need To Know About Personal and Business Credit by Adrean Yancy
P. 18
Everything You Need To Know Abour Personal & Business Credit
Step 4:
Register with D&B to Get a D-U-N-S Step 5:
Number: Your Data Universal Open a Business Bank Account: It is a
Numbering System (DUNS), as the name no-brainer that you need to open a
implies, is the universal standard business bank account. And just if you
numbering system to identify businesses were not considering opening one, this is
across the globe, which means that when me saying you should.
you get your DUNS number, it will be the Opening a business bank account will
means by which vendors and lenders will require that you have your EIN, which is
identify your business. why these steps are arranged
sequentially for you. Of course, it is not
Note that before applying for DUNS, you always easy to choose the best bank for
must have scaled through the stage of your business, as each bank has its pros
establishing your business's legal entity. and cons.
After you must have gone through the
application stage, a representative from Ensure you choose the bank that best
D&B will get on a call with you to guide suits your business operation. Some
you through the rest of the process. banks are best because of their branches'
availability, credit o ering for businesses,
If it is a free application, your DUNS and others because of low interest.
number should be ready in 30 days, but if
you need to get your DUNS number as Step 6:
fast as possible, you can apply for the
DUNFile service. With $229 fee charges,
your number will be ready in ve days. Check your Business Credit Reports
for Accuracy: As it was stated earlier, a
strong business credit report will go a
long way to helping your business access
a loan. So the reports must have nothing
but accurate information in it. This is
especially important for those that have
business reports already. As for those
without one yet, take note.
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