Credit service surety bond cost
Credit services organizations in Illinois are required by law to maintain a $100,000 surety bond. Your exact surety bond cost will depend on a review of your credit report, your personal financial statement, and your company’s current business financials (if applicable).
Applicants with credit scores of 680 and higher can expect to pay 1-4% of the bond amount.
Don’t worry if you have a low credit score! The experts at surety bonds can still submit your request through our exclusive bad credit bonding program.
Why this bond
This bond is required to ensure credit service professionals manage the services the organization has agreed to perform according to law.
If a client is harmed by these unlawful actions, a claim can be filed by the people of the state or by the Department itself. The surety underwriting company who produced the bond will pay the initial settlement up to the full bond amount, and the credit services organization will be responsible for reimbursing the surety.
Credit service surety bond details
Illinois credit services organization bonds are continuous until canceled and must be maintained for a period of two years after the credit services organization ceases business.
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