WHAT IS A NEW HAMPSHIRE CREDIT REPAIR SERVICES SURETY BOND?
A Credit Service Organizations (CSO) in New Hampshire is defined as anyone who sells, provides or performs any of the following services in exchange for payment:
- Improving buyers credit record, history or rating
- Obtain an extension of credit for a buyer
- Provide advice or assistance in regards to either of the above items
Per the New Hampshire Credit Services Regulation Act, a surety bond must be filed by any CSO that wishes to receive payment for their services before said services are complete. The bond amount required is equal to 5% of the total amount of fees charged to buyers by the CSO during the previous 12 months, and shall not be less than $5,000 or more than $25,000.
HOW DOES A NEW HAMPSHIRE CREDIT REPAIR SERVICES SURETY BOND WORK?
New Hampshire Credit Repair Services Surety Bonds guarantee that the CSO follows all state regulations and laws governing the operation of a credit service organization. It also protects against unlawful actions by the CSO. If the CSO does not comply with these terms, 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 requester is then required to reimburse the surety for all monies paid out, including any attorney fees incurred by the surety in the defense of the claim.
WHAT ARE THE TERMS OF THE BOND?
New Hampshire Credit Repair Services Surety Bonds are filed with the New Hampshire Secretary of State. They renew on an annual basis, and the aggregate liability of the surety will not exceed the penal sum of the bond in any event. The bond amount required will be adjusted once a year, no later than the tenth day of the first month of the credit services organization’s fiscal year.
CAN I GET A NEW HAMPSHIRE CREDIT REPAIR SERVICES SURETY BOND WITH BAD CREDIT?
Pacific Surety offers a wide-range of approvals, regardless of credit, for New Hampshire Credit Repair Services 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.
HOW MUCH DOES A NEW HAMPSHIRE CREDIT REPAIR SERVICES SURETY BOND COST?
New Hampshire Credit Repair Services 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 a variety of approvals, regardless of credit, with rates starting at 1% annually for well-qualified applicants. It typically takes just a few hours from quote to issuance of the bond, and we have the ability to beat any competitors pricing. If you have any specific questions, feel free to contact our knowledgeable underwriting staff.
HOW DO I GET A NEW HAMPSHIRE CREDIT REPAIR SERVICES 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.
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