Nosey Dunn & Bradstreet (incorporated, credit, borrow, loans)

[emilybh]

What do all of you self-employed people and business owners think of Dunn & Bradstreet? I hate all these information bureaus poking into my business. is there any advantage to giving them the information they seek or are you just as well off by telling them to go away.

I have an insurance agency and have excellent credit and am never at a loss for opportunities to borrow money at decent rates. I've been nicely telling them to go away for 20 years. I'm wondering if I am better off continuing to do this or should I give them the info they want?

[jhlcomp]

Dunn and Bradstreet has evolved into a marketing machine. In the early days of our business, I made very certain that they had our correct info since many of the companies we work with wanted to see a Dunns number. However, in recent years, they have called or sent "important notices" only to learn it was a marketing ploy. I have had numerous conversations with their customer service people and when I tell them "look I know you are trying to do your job, but what you really want is to sell me a service I don't need...right? It's really all about the money ..." at that point we both say goodbye.

[sunsprit]

I'm with the above ... my businesses only need D&B for the Dunn's # access for bidding opportunities.

Otherwise, I don't need their "services" to be able to conduct my business, get operating loans, insurance, etc. Their continuous marketing of services and updating is of no value to me and my clients.

[emilybh]

Originally Posted by sunsprit

I'm with the above ... my businesses only need D&B for the Dunn's # access for bidding opportunities.

Otherwise, I don't need their "services" to be able to conduct my business, get operating loans, insurance, etc. Their continuous marketing of services and updating is of no value to me and my clients.

Me neither and that is what I thought.

[loose cannon]

Many callers are form this area in PA and they rely on their jobs. D and B is not as strong as it once was but they still employ a number of people here. So be nice to them. Especially my new g/f who cries to me at night about all you rude people who hang up on her. Im telling you now to knock it off!

[Philip T]

Originally Posted by loose cannon

Many callers are form this area in PA and they rely on their jobs. D and B is not as strong as it once was but they still employ a number of people here. So be nice to them. Especially my new g/f who cries to me at night about all you rude people who hang up on her. Im telling you now to knock it off!

Does not pan-handling seem a little more honest?

I can make a deal -- no call = no hang up.

Sound fair enough?

[emilybh]

Originally Posted by Philip T

Does not pan-handling seem a little more honest?

I can make a deal -- no call = no hang up.

Sound fair enough?

LOL! You are too funny Philip (but I agree with you).

[hargate]

Sure you get insurance, but at what premium?

Sure you get a loan, but under what terms and rate of interest?

Sure you get clients, but do the new ones continue to look like your best ones?

The facts are that D&B currently operates in 200 countries and publishes reports in 86 languages. The database is the largest in the world that is not the US government and is updated over 1.5 million times DAILY. When businesses get their "notifications" it is only after reasonable interest is shown in the business that is out of the ordinary for their file and/or a vendor or supplier to their business has reported information to D&B that has greatly effected their scores.

I find it hard to believe that a 167 year old company that is used religiously by over 90% of the fortune 1000 is a crock. It just depends on what level you want to play the game vs. where you currently are. You cannot buy good credit but you can make certain that what is being reported on your individual operation is complete, accurate, and fair. The "marketing machine" that some are referring to here is nothing more than a reminder that while D&B is little more than a medium, it's design is to give the business owner every opportunity to grow and expand the old fashioned way....by using other peoples money. Also, why would any incorporated business personally guarantee any financing if there is a way not to? That makes no sense whatsoever.

I guess it is easy to write off, ignore or throw them in with every other call business owners get every day. We all get them. The truth however is that if a company has developed a reputation and established credit with vendors in a particular industry why would they not take every action to make sure their company's buying power is fully represented for whoever looks, for whatever reason, whenever they choose to drop 100 bucks to take a peak?

They are not selling Cutco for God's sake.....

[mikeyyc]

In these days of Sarbanes Oxley, D&B is becoming a requirement for companies that extend credit. Auditors are demanding a 3rd party assessment of credit decisions, and D&B is the only one that they seem to trust.

I hate them, think they have no value, but I also HAVE to spend $250K a year with them to make auditors sleep at night. It's nice to have your company in the D&B database, as it makes the ultimate decision to grant your company credit easier.

[sunsprit]

At least with CUTCO you purchased a tangible benefit which was good for proving that my techs could "fix a roast beef sandwhich" when required to do so.

Outside of the DUNS number for bidding purposes, my banker and insurance agent have enough information from my accountant to make good decisons about my business. I pay the lowest possible rates in the industry for my size/scale/scope of operations; D&B isn't going to get me a better rate. With an excellent personal credit record and a high FICA score, my insurance has been coming down for years when we review the rates each year.

I get a laugh out of the "come-on" vehicle insurance offers in the mail about how much they can "save" me over my current costs. Some of them would have to give me a rebate to match those numbers for my insurance ... and I insure 14 motor vehicles.