Illinois Credit Services Organization Bond
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How much does a credit service surety bond cost in Illinois?
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 typically expect to pay 1% to 4% of the bond amount.
Don’t worry if you have a low credit score! The professionals at SuretyBonds.com can still submit your request through our exclusive bad credit bonding program.
Call 1 (800) 308-4358 to connect with our team of surety specialists!
If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form. Our surety professionals will provide you with a free surety bond quote in 24 hours or less!
Why do I need 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 that 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.
If you’re ready to get bonded, submit a surety bond request, and one of our specialists will contact you right away to walk you through the bonding process and answer any questions you might have.
What’s the fine print?
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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