North Carolina Credit Repair Services Bond Overview
- Purpose: To hold credit repair businesses financially responsible for unlawful practices
- Who Needs It: Credit repair businesses in North Carolina
- Regulating Body: The North Carolina Secretary of State
- Bond Amount: $10,000
- Premium Price: $100
What Is a North Carolina Credit Repair Services Bond?
The North Carolina Secretary of State (SoS) requires credit repair businesses to have a $10,000 surety bond. This bond ensures that credit repair businesses follow the Credit Repair Services Act.
What Is a Credit Repair Business?
North Carolina defines a credit repair business as any person or entity who provides the following services:
- Improves, repairs or corrects a consumer’s credit record, history or rating
- Obtains revolving charge card credit or retail installment credit
- Advises or assists a consumer with any of the above
Businesses Exempt From The Bond
The Credit Repair Services Act specifies that the following businesses require a different license and are exempt this surety bond requirement:
- Banks, credit unions or savings institutions
- Non-profit organizations
- Licensed real estate brokers or salespeople
- Anyone licensed to practice law in North Carolina
- Broker-dealers registered with the SEC or CFTC
- Consumer reporting agencies
These businesses can provide credit repair services without a bond only in the context and scope of their license and business practices.
How Much Do Credit Repair Services Bonds Cost in North Carolina?
A $10,000 credit repair services bond costs a flat rate of $100 — no credit check required! Buy your bond today!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a North Carolina Credit Repair Services Bond Work?
When you get a credit repair services bond, you enter a three-party contract.
| Bond Party | Description |
|---|---|
| 1. Principal | You, the bonded credit repair business owner(s) |
| 2. Obligee | The North Carolina Secretary of State |
| 3. Surety | The issuing surety provider |
If you violate the Credit Services Act, harmed parties can recover damages from the surety by filing a claim on the bond. As the principal, you must then reimburse the surety.
How Do I Get a Credit Repair Services Bond in North Carolina?
You can purchase your credit repair services bond within minutes. Just follow these four steps to get bonded:
- Provide personal and business information
- Pay the invoice
- Receive your bond in the mail
- File your bond with the SoS
How Fast Can I Get My Bond?
You can purchase your bond instantly online today, but you must file the physical bond form with the SoS. We offer overnight, two-day and three-day shipping.
How Do I File My Bond?
File your bond form with the SoS at the following address:
North Carolina Secretary of State
Business Registration Division
PO Box 29622
Raleigh, NC 27626-0622
How Do I Renew My Bond?
Credit repair services bonds expire annually. We’ll send periodic renewal reminders 90 days in advance.
We recommend renewing your bond at least 30 days before expiration to avoid a lapse in coverage.
You can pay your renewal invoice online. After renewing, you’ll receive a continuation certificate to file with the Secretary of State which extends your bond term for another year.
How Do I Update My Bond Information?
Basic information like name and address can sometimes be updated without issuing a new bond with a bond rider.
Just contact Customer Care to update your bond information:
- [email protected]
- 1(800)-308-4358
How to Start a Credit Repair Business in North Carolina
North Carolina does not require a specific license to open a credit repair business in North Carolina. To become a credit repair business, just complete the following steps:
- Purchase a $10,000 surety bond
- Create an account with the SoS
- Register your business with the SoS
- Get an EIN through the IRS
Contact the SoS for more information on credit repair business requirements.
