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Dunn and Bradstreet - Who plays their game?

Discussion in 'Business Fundamentals' started by merrimacmill, Dec 8, 2009.

  1. merrimacmill

    merrimacmill PlowSite.com Addict
    from MA
    Messages: 1,822

    I was just wondering who goes along with the dunn and bradstreet scheme they have going. I don't know to much about it, we have never returned any of their phone calls, never given them any information whatsoever, and never really payed attention until we started getting comments about it when getting financed by big companies such as gmac.

    So I paid their 40$ or whatever it was to see our report and found that the information they have on us is beyond off. They don't even have the correct company president listed, the income listed is about a third of what it really is, even the address is off. So I started looking around the website and from what I gather they have everyone almost stuck. They seem to be "the authority" on business credit scores. I know no other way of seeing credit history or score for a corporation. So they charge you to see your report, they charge creditors to see your report, and they charge you to build your credit score. They actually have packages set up so that if you pay 200$ you only build your score so much, but if you pay $500 you build your score more. It just seems unbelievable to me, talk about pay to play. Out of sheer principal we have always refused to give these people any information, but I'm almost starting to contemplate whether or not we should go along with it.

    So what I'm wondering is who keeps up on their dun and bradstreet account and pays their fees to keep you in good credit standing with them? I never hear anyone talk about this so I thought I would bring it up.
     
  2. Danhoe

    Danhoe Senior Member
    Messages: 102

    They have been after me for 5 years, when I go the bank to get a loan it has never been a issue. I have asked other business owners about them, only one company has stuck with them and was a large company. I am still getting the money I need with out them. Dan
     
  3. jomama45

    jomama45 PlowSite.com Addict
    Messages: 1,172

    Excellent topic Collin. I actually thought of asking the same thing on here a few weeks ago, as they had contacted me again, & this time I actually spoke with them.

    I believe they told me about $500 to set-up originally, do the searching, etc...

    I'm also curious to the long term, real costs involved in staying current.

    IMO, the way the lending industry is going, it may become far more important in the near future to be involved w/ D&B.

    I would imagine many of the potential, larger corps use it as a tool to "weed out" contractors as well.

    Should be interesting to hear what others with experience think.
     
  4. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,036

    You can list and such for free. You can update your information 24/7....for free. There is a way to get your report for free. I know the site is a bit...challanging to navigate, but it can be done.

    Wither you want to list with them or not, they will have a file on your company from whoever they can get the information from. It's best to make sure your info is accurate, just as it is with your personal credit reports. BTW, All the personal credit bureaus also have business credit listed as well now.
     
    Last edited: Dec 8, 2009
  5. merrimacmill

    merrimacmill PlowSite.com Addict
    from MA
    Messages: 1,822

    80% of the time we go with local banks for financing due to the dunns issue. I just have a hard time getting on the phone with some guy who sounds like he is sitting at a desk in India and giving him all the personal information of the company and then paying him $500 just to put it into their computer so they can make more money off people looking at my personal information on their website. It just seems insane to me.
     
  6. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,036

    Total misconception....

    DUNS is a credit bureau for your bussiness....It's not exactly an option. If you have credit for your business, the information on it is stored with them.

    The $500 (use to be $435) is for a credit builder.....there just trying to sell you something, don't confuse that with "Listing" your business with them. You can control what others see when it comes to basic information FOR FREE. Then your creditors report your credit to them, and thus giving your company a credit profile. Your "local banks" report to them.
     
  7. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,036

    https://eupdate.dnb.com/requestoptions.asp

    follow the steps to get a new duns number. For you guys that have been around for awhile and have business credit, you'll have the opportunity to search for your business first and establish your number off the already existing profile listing (if there is one) so you can keep the credit you already have established.
     
  8. buckwheat_la

    buckwheat_la 2000 Club Member
    Messages: 2,254

    :laughing:just a thought, if i read this correctly, so they are a credit bureau, but for money they well "boost" your credit bureau standing !!!! so hypothetically speaking, if i had a really bad credit report, i could pay them and it would go away, WOW, what a great service, i can screw as many creditors as i want and for $500 this company well make it look like i still have a great credit history, then i can move on to the next bank/sucker,:dizzy: (i realize there most be more to this, but after reading the post this is what is sounds like)
     
  9. merrimacmill

    merrimacmill PlowSite.com Addict
    from MA
    Messages: 1,822

    Our company has been incorporated since 1958 and there is not a single piece of correct information on there that I could view for $40 besides the town we are our of and the state we are incorporated in. Pretty much, I'm just looking into a way to fix that. The information on there is just very old, like mid 70's-80's old therefore none of it is correct any longer.
     
  10. timberseal

    timberseal Senior Member
    from 46385
    Messages: 247

    If you want your business credit independent of your personal credit you have to get your DUNNS number. You can build the credit report without going through their programs (which are a ripoff if you ask me). There are many companies out there that will setup an account without your SS number and report to your D & S. They've hounded us for years as well but I always tell them "not interested". You DO have to watch your report though..... they're kind of careless about reporting to your report. We had a negative posted about nonpayment from an account we never had. It took a couple weeks but they finally, after confirming, removed it.

    Credit scores are different as well........ 80 to 100 is the top tier and considered good credit. It's called your paydex score.
     
  11. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,036

    It's more of a credit builder for companies without credit......But I see the irony in it. :rolleyes:
     
  12. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,036

    Follow that link I just posted. It will lead you through the steps.
     
  13. Mark Oomkes

    Mark Oomkes PlowSite Fanatic
    Messages: 10,887

    Thanks Ryan, have to look into it when a storm isn't on the way.

    I did it once, years ago just to see what was there. Seems like it was quite reasonable, compared to other things I've pissed money away on. But that was years ago.

    I don't even pay attention now.
     
  14. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,036

    No problem. I have a similar hole in my pocket....must have the same jean manufacture huh. :D
     
  15. merrimacmill

    merrimacmill PlowSite.com Addict
    from MA
    Messages: 1,822

    Being registered as a C corporation, I don't see how my personal credit could be tied to the business whatsoever. Or are you talking about sole proprietors and such?
     
  16. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,036

    opps wrong quote
     
    Last edited: Dec 8, 2009
  17. timberseal

    timberseal Senior Member
    from 46385
    Messages: 247

    Yes primarily this would apply to sole proprietors, llc's and partnerships. I don't know much about the C corp status but I would imagine you have a DNB number already being a corp. Anything you provide your SS number for as a guarantee you're going to be tied too though corp status or not. As a corp with a DNB number it shouldn't be required though as it's truley it's own entity.
     
  18. cda817

    cda817 Senior Member
    Messages: 284

    We do the same thing as previously stated. It is free to list and free to update. A Dunns # is very important if you want to bid State and Federal work as well because they can and will check it.
     
  19. forestfireguy

    forestfireguy PlowSite.com Addict
    Messages: 1,276

    When I had my own business(sole prop) the only place that ever asked me for a D&B # is Northern Equipment.
     
  20. RepoMan207

    RepoMan207 PlowSite Fanatic
    from Maine
    Messages: 5,036

    yuu can also use it in place of a fed id# when requesting credit at the bigger suppliers.