If your company has a D&B D-U-N-S® number, then chances are you already have payment history showing in your commercial credit file. But, if you are like most business owners, that payment history doesn't really represent the amount of money your company actually spends. And adding just ONE vendor to your D&B file has the potential to boost your scores and ratings by up to 90%.
While D&B sales reps are quick (and persistent) when pushing their high-dollar creditbuilding products, they fail miserably in the "how-to" and "service-after-the-sale" departments. I've known business owners who have paid $1,800 (or more) for the Creditbuilder for years on end and NEVER submitted a single vendor.
Many mistakenly believe paying for the service will automatically improve their commercial credit scores and ratings, and then are angry and frustrated to find (months or years later) that nothing ever changed in their D&B file. Or worse, they struggle through submitting the vendors or types of vendors, and end up angry and frustrated that they spent all that money for nothing.
In reality, if you want your existing payment history to get added to your D&B file, it's actually pretty simple — but ONLY if you know what you are doing, how and when to do it, and you have the time and determination to track your progress on a daily basis.
For all you Do-It-Yourself'ers out there, here's my:
Step-by-Step Guide To Adding Vendor Payments To D&B
Step 1: Make A List
You need to make a list of every business (no matter how large or small) that you have made a payment to or a purchase from in your company's name at least ONCE in the past 12 months. How you generate that list doesn't matter, but you can:
Download a vendor list from your bookkeeping software