What is a North Carolina Credit Repair Service Surety Bond?
Anyone who operates a credit repair business (CRB) in the State of North Carolina is required to furnish a surety bond in the amount of $10,000. Per the North Carolina Credit Repair Services Act, a credit repair business is any person who sells, provides or performs any of the following services in return for the payment of money or other valuable consideration:
- Improving, repairing or correcting a consumer’s credit record, history or rating
- Obtaining revolving charge card credit or retail installment credit
- Providing advice or assistance to a consumer with regard to either of the above items
How do North Carolina Credit Repair Service Bonds work?
North Carolina Credit Repair Service Surety Bonds guarantee that the CRB complies with all regulations in the North Carolina Credit Repair Services Act. They are to protect consumers who are damaged by the unlawful actions of the CRB.
If the CRB does not comply with these terms, a claim can be filed with the surety company. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. The CRB is then required to reimburse the surety for all monies paid out, including any attorney fees incurred.
How do I get a North Carolina 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 do North Carolina Credit Repair Service Bonds cost?
North Carolina 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 a variety of approvals, regardless of credit, with rates starting at $100 annually for well-qualified applicants.
The process 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.