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Surety Bonds for Illinois Credit Services Organization

A credit Services Organization agent meets with clients.

Illinois Credit Service Organizations provide or represent to clients that they can improve a client's credit record, history, or rating, obtain an extension of credit for the client, or provide advice or assistance to a buyer.

Credit Service Organizations in Illinois must file a registration statement with the Secretary of State before conducting business. A surety bond of $100,000 must be provided with registration.

Surety Bond Requirement

When fees from clients are collected prior to providing services, a Credit Services Organization must provide a $100,000 surety bond to the Illinois Secretary of State. The surety bond guarantees compliance with the Credit Services Organization Act. Any persons damaged by violations of the Act can make a claim on the bond.

The surety bond must be maintained for two years after the date that the organization ceases to operate.

Credit Services Organization Act

The Act protects consumers with credit problems who seek the assistance of a credit services business. The provisions of the Act ensure that the organizations present truthful information to the consumer, including:

Credit services organizations may not make or advise a buyer to make misleading or untrue statements to the buyer's credit reporting agency.
The organizations may not make untrue or misleading statements to potential buyers. This includes the representation of the amount or type of credit a consumer can expect to receive, the amount of credit improvement the consumer can expect, and the qualifications, training or experience of the organization's personnel.

What Will This Bond Cost?

The premium you pay for an Illinois Credit Services Organization Surety Bond depends on your personal and business financials. SuretyGroup.com wants to help you save money. Contact our Surety Bond Specialists for a free quote that fits your specific situation.

Did You Know?

A person who makes a claim on a surety bond may also be awarded punitive damages, reasonable attorney's fees and court costs. The surety company is only liable for actual damages.

More Surety Bond Questions?

Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.

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