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What is a Credit Service Organization?
A credit service organization is a business that charges a fee to assist a buyer to obtain an extension of credit or to improve or preserve a buyer’s credit rating. These organizations can also prevent or delay the foreclosure of a mortgage or other security agreement.
Credit Services Organization Bonds Explained
Credit service organizations are required to post a surety bond for most states as part of their licensing requirements. For example, credit service organizations in Virginia have to post a bond between $5,000 and $50,000, while in Louisiana, California, Illinois and other states you have to provide a $100,000 surety bond to meet state criteria.
The bond protects buyers of various credit services from fraudulent practices that could cause them financial harm. In other words, this form of surety bond guarantees that credit service organizations comply with all applicable state regulations.
These bonds are also commonly referred to as CSO Bonds, Credit Repair Services, Credit Counseling Organization and Debt Management Service Provider Bonds.
State-Level Bonding Requirements
Questions about Credit Services Organization Bonds
How much does a credit service organization bond cost?
As is the case with most license bonds, the cost will depend primarily on the owner’s personal credit and the financial strength of the business. Applicants with strong credit typically will pay between 1 to 3% of the bond amount in the form of annual premium.
Those with damaged credit may have to pay higher rates, in the range of 4 to 15%.
For more in depth information on bond prices, visit our page on Surety Bond Costs.
Will my bond provide coverage in multiple states?
Each state has its own credit service organization license and bond requirements. Therefore, to be licensed to do business in a given state, you’ll need to have an individual bond for that specific state.
Do I need a separate bond for each location?
This varies by state, so you’ll need to check with your respective obligee to ensure proper compliance. In many states, however, a separate surety bond must be established for each location operated by the credit repair business.
What are examples of fraudulent practices?
Most actions that will lead to a violation are related to misrepresentation, unethical actions, or failure to follow state laws. An example would be if the credit service organization makes, or advises a client to make, a false or misleading statement relating to their creditworthiness to a consumer reporting agency or to a company that has extended them credit.
Find Your Surety Bond
| Arizona | Credit Repair Services Bond | Arizona State Government Management Services Div. | Apply Now |
| California | Credit Services Organization | Attorney General's Office | Apply Now |
| Colorado | Debt Management | Collection Agency Board | Apply Now |
| Connecticut | Debt Negotiator | Banking Commissioner of the State of Connecticut | Apply Now |
| Connecticut | Debt Negotiator Bond | Connecticut Department of Banking | Apply Now |
| Connecticut | Debt Negotiator Bond | Banking Commissioner of the State of Connecticut | Apply Now |
| Delaware | Debt Management | State of Delaware | Apply Now |
| Federal Government | Nonprofit Budget and Credit Counseling Agency Bond | Executive Office for United States Trustees | Apply Now |
| Florida | Credit Service Organization Bond | Division of Statutory Revision | Apply Now |
| Illinois | Credit Services Organization | Secretary of State - Index Department | Apply Now |
| Indiana | Foreclosure Consultant/Credit Services Organizatio | IN Consumer Protection Division | Apply Now |
| Indiana | Credit Services Organization | State of Indiana Office of Attorney General | Apply Now |
| Iowa | Credit Services Organization | Secretary of State | Apply Now |
| Kansas | Surety Bond Credit Services Organization | Office of the State Bank Commissioner | Apply Now |
| Kentucky | Debt Adjuster | Office of the AG - Consumer Protection Division | Apply Now |
| Louisiana | Credit Repair Services | Louisiana Attorney General | Apply Now |
| Maine | Debt Management | Bureau of Consumer Credit Protection | Apply Now |
| Maryland | Licensee Surety Bond Credit Service Business | Commissioner of Financial Regulation | Apply Now |
| Maryland | Debt Settlement Services Registration | Commissioner of Financial Regulation | Apply Now |
| Minnesota | Credit Service Organization | Dept of Commerce - Div of Financial Institutions | Apply Now |
| Nevada | Credit Service Organizations Surety Bond | Division of Mortgage Lending | Apply Now |
| New Hampshire | Debt Adjuster's | State of New Hampshire | Apply Now |
| New Jersey | Debt Adjustment | NJDOBI: License Services, Banking | Apply Now |
| North Carolina | Credit Repair License | Attorney General | Apply Now |
| Ohio | Credit Service Organization Bond | Ohio Dept of Commerce Div of Fin Inst | Apply Now |
| Oklahoma | Credit Services Organization License | OK Dept of Consumer Credit | Apply Now |
| Oregon | Debt Management Service Provider | Oregon Department of Consumer and Business Sevices | Apply Now |
| South Carolina | Credit Counseling Organization Special Deposit Bon | Dept of Consumer Affairs | Apply Now |
| Texas | Credit Services Organization | Secretary of State | Apply Now |
| Texas | Consumer Debt Management Services | The Office of Consumer Credit | Apply Now |
| Utah | Credit Services Organization | Department of Commerce | Apply Now |
| Virginia | Credit Service Business | Dept of Agriculture & Consumer Services | Apply Now |
| West Virginia | Credit Services Organization Bond | Secretary of State | Apply Now |
| Wisconsin | Debt Management | Dept of Financial Institutions | Apply Now |
| Wisconsin | Credit Services Organization | Dept. of Financial Institutions | Apply Now |
Credit Services Organization Surety Bonds by State
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- Alabama
- Alaska
- Arizona
- Arkansas
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- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan Surety Bonds
- Minnesota
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- Montana
- Nebraska
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- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- Washington, D.C.
- West Virginia
- Wisconsin
- Wyoming
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Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!