Common Questions
How do I get my Dun and Bradstreet Duns number?
You will apply for your DUNS # one D & B’s website. Click here to go to this page
Dun and Bradstreet called and they are telling me I have to purchase something. Is this true?
The D & B sales team typically calls each business that signs up for a free DUNS #. You will find that some sales representatives will pressure you into purchasing a D & B product. Keep in mind that you don’t have to purchase anything.
To make this simple we have outlined all D & B services so you have the information you need to make an informed choice.
Please refer to the Business Finance Suite Course Step 3.3 for more detail.
How do I find out if I have a DUNS #
You will search for your business on D & B’s website. https://iupdate.dnb.com
How do I get an Employer Identification Number (EIN#)?
It is simple to apply for your federal EIN# on the IRS website, which is www.irs.gov, or you can file with your Secretary of State office. The system will ask for the business owner’s information and SSN. The filing process and fee is different in every state. Select your business name, verify that it is available with the state, and reserve your entity name so you don’t loose it during the filing timeline. Keep your Entity updated with your correct business information including address and ownership. Click to go to this section.
How do I update my business address on my Employer Identification Number (EIN#) ?
Click to go to irs.gov
Is a business address important?
What better proves to a lender that you are a real business than having a real business address? Do not use a post office box or UPS box (which can flag your file as high risk). You can use your home address for business credit building, but be aware that some lenders will not fund “home based” businesses. This will not stop you from building business credit scores, but may limit some of your funding options. Click to go to this section.
Do I have to have a business phone number that isn’t a cell phone?
Cell number or other non business numbers may “flag” your business as a higher risk. Also you will have problems being listed in 411. Lenders, vendors, customers, and even insurance providers may verify the business phone and look for the 411 listing. We find that a common reason for declines on Vendor Credit are tracked back to a lack of a 411 listing for the business phone number. Click to go to this section
What company should I use to get a business phone number?
We have found that Ring Central is the company with which our clients are most pleased. http://www.ringcentral.com.
How do I know if my number is listed with 411?
Check to see if your phone number has listed by dialing (your area code) – 555-1212. If you call from your cell phone your cell phone company will forward you to their independent 411 service so call from your business phone. Click to go to this page
Do I have to set up a website for my company?
The Business Finance Suite doesn’t require that you have a business website to progress. Creditors may verify your website and email address as part of the verification process. Keep in mind that your customers and prospects will certainly look at your online presence and decide whether or not to do business with you. Click to go to this page
Do I have to set up a merchant card account?
The Business Finance Suite doesn’t require that you have a merchant card account to progress. Using a merchant account can help you increase sales and open up additional financing options.
I am interested in financing. How do I find out for what I would prequalify?
Under the My Programs tab, click on View Course under the Finance BluePrint Qualifier.
How can I find out my Business Experian score?
Pull your business credit report. Click to go to this page & more here
How do I know what is reporting on my business Experian?
Monitor your Business Experian report. Click to go to this page & more here
What if business Experian is listing incorrect information on my report?
How can I find out my Business Equifax score?
Sign up for business equifax monitoring. Click to go to this page & and more here
How do I know what is reporting on business Equifax?
Sign up for business equifax monitoring. Click to go to this page & and more here
What if business Equifax is reporting incorrect information?
Typically they will advise you to update your information with any reporting accounts (this is where the incorrect information comes from). If you would like to contact their customer service group the number is: 866-519-4800, email: customerservice@equifaxsmallbusiness.com.
How do I know what is reporting on D & B?
To see what is reporting on your D & B report you will set up D & B monitoring. Click here to go to this page and more here
What if D & B is listing incorrect information on my report?
If you have incorrect information listed on your business credit report you will need to fix those inaccuracies in order to build business credit correctly. Click to go to this page.
Do I need a D & B number to start applying for accounts in step 4?
You must have a Duns # with correct information before you start to build your business credit.
What is an SIC code?
An SIC (Standard Industrial Classification) is a four digit numerical code assigned by the U.S. government to identify the type of business. Click to search for your code here
What accounts should I start applying to first to build business credit?
We recommend the Starter Vendors. Click here to go to this page.
Will I be able to get business credit accounts if I have no credit yet?
If you currently don’t have any business credit history we would strongly advise you start with the starter vendors or you won’t be approved.
How long does it typically take for an account to report?
Your new account will report on your business credit reports within 30 to 90 days after payment has been received, but do not send payment before your bill has arrived. Click to learn more
How do I apply for the accounts in step 4?
Select the accounts you are interested in from the credit issuers. Simply read the description, qualifications, and application process on each source to find the accounts for which you want to initially apply. Then select the account and follow the detailed instructions to apply.
Are there accounts in step 4 with which it is easier to get approval?
We strongly advise you start with the starter vendors before applying for other accounts.
When can I apply for Revolving credit cards without a personal guarantee?
Make sure that you have 10 payment experiences reporting to the business credit reports before moving to this step. A payment experience is the reporting of an account to 1 business credit reporting agency. For instance, if you were approved for a vendor account that reports to 2 reporting agencies such as Experian and Dun & Bradstreet, that would qualify as 2 payment experiences.
In addition to 10 reporting trade lines you also need a high credit limit of $10,000 or more currently reporting on one of your business credit reports or these revolving credit cards without a personal guarantee won’t approve.
What is a Net 30 account?
If a company extends to your business on “Net 30″ day terms you can purchase their products or services up to a maximum dollar amount, and you have 30 days to pay the bill in full.
Should I give a PG when applying for a business credit account?
We strongly recommend that you don’t enter your social security number or submit a personal guarantee when applying. As long as you follow the guidelines you shouldn’t be required to offer a personal guarantee.
How many purchases do I have to make with an account to develop a business credit score?
We recommend at least 1-2 purchases and payments on your new business credit account.
If an account reports to more than one business credit bureau, does it count as more than one trade experience?
Yes, if you have a vendor account that reports to 2 reporting agencies, that would qualify as 2 payment experiences.
When should I move on to step 4.3 (past the starter vendors)?
Make sure that you have 5 payment experiences reporting to the business credit reports before moving to this step. A payment experience is the reporting of an account to 1 business credit reporting agency. For instance, if you were approved for a vendor account that reports to 2 reporting agencies such as Experian and Dun & Bradstreet, that would qualify as 2 payment experiences.
When should I move on to step 5.0 (Round 3 & 4)?
After you have at least 5 payment experiences reporting to the business credit reports. The goal of this section is to set up another 6-8 trade accounts. We want to have a minimum of 15 total trade lines reporting.
Where can I list the accounts for which I applied?
In steps 4.2, 4.3, 5.0 and 5.1 under number 3 you can select the ones you applied for.
Why aren't my trade accounts reporting?
If a trade account isn’t reporting the following tips can help: 1. Purchases and payments above $50. Some vendors require that you make a purchase / payment above $50 in order to report. 2. Make sure you completed Step 1 and 3 correctly. Creditors report using the business Name and Address. If the information you provide the creditor on your application doesn’t match the business name and address on your business credit report the account typically WON’T report. You will need to make an additional purchase and payment once the addresses are corrected. 3. Use trade accounts that report. Not all creditors report to the business credit bueaurs. Use the information in Step 4 to understand what trade accounts do report and who they report to. 4. Learn how to review your business credit report. From time to time the trade accounts are reporting, it is just difficult to read a new format of account of reporting. Please ask the advisor team to guide you through your business credit reports. Once you have verified all the items above without resolution please email the Advisor Team the following so they can look into the issue further:
1. List all trade accounts you applied for
2. Include the amount and day of your last payment
3. Include log in information for your business monitoring services and / or copies of your business credit reports
I have been declined for an account. How should I proceed?
To resolve these declines we suggest the following: 1. Call the Trade Account Vendor that declined. Why did they decline? What can you do to get an approval? When can you apply again? Giving them a little nudge will sometimes turn the decline into an approval. 2. Make sure you completed Step 1 and 3 correctly. It is imporant that you followed the prior steps and that all business records are matching. The business name, address and contact information should match on all legal records, business credit reports, 411 listing and so on. If they don’t match this can result in a decline. 3. Make sure your business is 411 listed. The information on the 411 listing should match your corporate records. To verify 411 dial (your area code) 555-1212 from a land line. 4. Follow the trade account instructions in step 4. It is best to start with starter vendors when possible. Trade accounts listed towards the end of step 4 may require a little bit of prior business credit history. These requirements are listed in the ‘Getting Approved’ section of the trade account information. If it states the prior d & b history is required for example that means that vendor will want to see something reporting on your report in order to approve.
5. Don’t submit a personal guarantee. These trade accounts should be approved without a personal guarantee. If you submit your personal guarantee they will pull your personal credit. Most vendors will decline if you have under a 680 even if the business could have been approved without a PG.
6. Make sure you submitted the correct business information on your application. It should match your corporate records so vendors can verify the information.
7. Make sure you established your D & B report in step 3 and that all business credit reports list correct information.
Once you have verified all the items above without resolution please email the Advisor Team the following so they can look into the declines further:
1. List all trade accounts you applied for
2. List the decline reasons you received along with any other feedback they provided
3. Include log in information for your business monitoring services or copies of your business credit reports
4. Verify that the information you entered into our system (step 1.1 & 1.2) matches the information you submitted on the applications and matches the rest of your corporate records.