What is a Louisiana Credit Repair Services Organization Bond?
Understand the importance of this surety bond and how to easily apply for one today!
An excellent credit score is king! Having one will not only be important to a person’s financial success. It will give any person peace of mind as well.
Credit repair services aim to provide both and so much more! They are heaven-sent for a lot of people who are suffering from bad credit. They thoroughly check a person’s credit records to spot any mistakes that may have occurred in order to improve the credit history.
In the State of Louisiana, any person who is providing credit repair services is obligated to secure a surety bond.
Every credit repair services organization in Louisiana is required to submit an appropriate surety bond and register with the Attorney General of Louisiana.
Ensuring the lawful fulfillment of the registered credit repair organization’s obligations is one of the reasons for having the surety bond.
The surety bond – as obligated by Section 9:3573.4 of the Louisiana Revised Statutes – will also benefit the clients of the credit repair services organization in the event that a misconduct is committed. The person who has been harmed will be financially compensated through the surety bond.
What is the Credit Repair Services Organization Bond amount?
The bond amount is $100,000.
Here’s another reason why having excellent credit matters: if you have a high credit score, you will only pay 1% of the bond amount as your bond premium!
How can I get a Credit Repair Services Organization Bond?
STEP 1: Apply for the bond
You need to submit a bond application to us. If you’re ready to apply now, you may do so HERE!
STEP 2: Underwriting
We will ask you a couple of important information needed for the bond. This will include your financial history, business performance history, and your credit score. An expert underwriter will take a thorough look on all those.
STEP 3: Bond execution
Once the underwriter is done with the prequalification process, we will immediately issue the bond and send it to you!
What are the surety bond conditions?
- The surety bond should be executed by a Louisiana-authorized surety bond agent or company
- The surety bond should be made payable to the State of Louisiana for the benefit of the credit repair services organization’s clients
Principal – credit repair services organization
Obligee – State of Louisiana
Surety – Surety Bond Authority
- The registered credit repair services organization must obey the provisions of the Credit Repair Services Organization Act, as well as the rules and regulations of the Attorney General of Louisiana
- If the registered credit repair services organization commits a violation, the aggrieved party will be eligible to file a claim on the surety bond
Get bonded immediately! APPLY NOW!