What Is An Arkansas Credit Repair Service Surety Bond?
In the state of Arkansas, a Credit Repair Service (CRS) is anyone who sells, provides or performs any of the following services in exchange for payment:
- Improving buyers credit record, history or rating
- Obtaining an extension of credit for a buyer
- Providing advice or assistance in regards to either of the above items
Per the Credit Repair Services Organizations Act of 2017, a surety bond must be filed by any CRS that wishes to receive payment for their services before said services are complete. The penalty amount of the bond is $10,000.
How Does An Arkansas Credit Repair Service Bond Work?
Arkansas Credit Repair Service Bonds guarantee that the CRS complies with the Credit Repair Services Organizations Act of 2017. It also protects anyone damaged by unlawful actions of the CRS. If the CRS does not comply with the terms of the bond, a claim can be filed with the surety company for relief. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. The CRS is then required to reimburse the surety for all monies paid out, including any attorney fees incurred by the surety.
What Are The Terms Of The Bond?
Arkansas Credit Repair Service Surety Bonds renew annually and can be canceled by the surety at any time by giving 30-days written notice prior to the effective cancelation date. The aggregate liability of the surety will not exceed the penal sum of the bond in any event.
How Do I Get An Arkansas Credit Repair Service Surety Bond?
The first step is to complete our quick online application for your free bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.
How Much Does An Arkansas Credit Repair Service Bond Cost?
Arkansas Credit Repair Service Surety Bonds are subject to underwriting and the price you will pay depends on a review of your personal credit report. Pacific Surety is proud to offer rates starting at $100 annually for well-qualified applicants. It typically takes just a few hours from quote to issuance of the bond. We have the ability to beat any competitors pricing. If you have any specific questions, feel free to contact our knowledgeable underwriting staff.
Can I Get An Arkansas Credit Repair Service Surety Bond With Bad Credit?
Pacific Surety offers a wide-range of approvals, regardless of credit, for Arkansas Credit Repair Service Surety Bonds. Our strong surety relationships help get your price down as low as possible each year. There is no need to shop your rate. We do that for you! If you have any specific questions, feel free to contact our knowledgeable underwriting staff.
Surety Bond Name
Credit Repair Services Surety Bonds – Arkansas CRS
$10,000Request a Free Quote