what is a duns number used for

A DUNS number is a unique nine-digit identifier assigned by Dun & Bradstreet to businesses worldwide. It is similar to a social security number but is used to track information related to businesses, including basic details such as company name, address, and financial stability. The number is used by lenders, potential business partners, creditors, vendors, and suppliers to assess a companys reliability and financial health. A DUNS number is also useful for businesses that contract with government agencies, as it is required for such contracts. Applying for a DUNS number is free and helps establish and build a business's credit, which is publicly available to potential lenders, business partners, and investors. A strong business credit score can lead to better terms on small business loans, insurance, and trade credit agreements. While no business is legally required to have a DUNS number, it can be a major factor in business credit decisions.