D&B Background Check & Validation

[Determined2012]

"It's $799 to have your background check and validation done for your basic business credit report."

"Wow! Any discounts for Veterans?!"

"If you order it today I can take off $250 since you were rerouted to us by XYZ company. Also, since its the end of the month you only have until tomorrow to use your discount."

Part of a conversation I had with a representative of Dun & Bradstreet credibility corp.



Help Fastlaners! What is the process like with establishing your D&B score, etc. when trying to get approved for a small business loan.

I know I need a presentable business plan, but what else? Also- is there any more discounts to be had for the $799 fee?

Thanks!

 

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[Vigilante]

D&B offers a paid extortion plan (seriously) where you can buy your way into a favorable rating with them. It's like their business establishment program or something.

When we got a revolving line of credit (business loan) for our retail stores, it was more critical to have a friendly local business banker relationship, and less critical for profiles like D&B.

However, I am far from an expert in this arena.

 

[andviv]

Do a search for "business credit" or something similar here... there was a great thread about this topic years ago.

I agree with Vigilante... getting the number is free. they try to get you to pay to get your rating fast but you don't need that.

Also, there is a forum called Credit Boards with great information revolving just this same topic.

so, in a rush, don't let them push you to pay for anything yet. And discounts? they will have many for you later if you decide to pay.

 

[Likwid24]

I actually just did this a few weeks ago. I paid the $799, but my reason is becuase I'm going to start approaching big box retailers and distributors soon. Someone reccomended that I do it. I hope I made the right move.

 

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[jon.a]

Can't you just ask your banker if the D & B rating is important?

 

[andviv]

I actually just did this a few weeks ago. I paid the $799, but my reason is becuase I'm going to start approaching big box retailers and distributors soon. Someone reccomended that I do it. I hope I made the right move.

If you are short on time then you need to pay it if it is a requirement, which seems to be your case.

Can't you just ask your banker if the D & B rating is important?

great idea! It may be just a 'nice to have' and not a real requirement... if it is not then you can take your time to build your file but if it is a must then you may need to pay it.

 

[CommonCents]

The D&B is more important for establishing trade credit w/ suppliers, less so in getting loans/LOC from banks. They want to see a biz plan, assets, financials etc...and of course a personal guarantee

 

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[Determined2012]

Thank you everyone for your responses.

I am trying to get the loan from the bank. Judging what everyone is saying now is not the right time to be concerned with my D&B score. THIS is why I love this forum!!! Thanks so much everyone!

Likwid-

Please let me know if in a couple months or so if this was the right move for you or not. Did you ask for a discount?

It was Lendio who authorized D&B to provide the discount, it turns out it was not a "Veteran's Discount" per se... (I just always ask for a Veterans discount no matter what I'm doing because there usually always is one!)