Utah credit services organizations are credit repair companies which are based in Utah.
Credit repair organizations are both regulated at the federal level --- CROA (Credit Repair Organizations Act) --- and regulated at the state level.
In Utah, at the state level, credit repair services organization are regulated by the Utah Department of Commerce, Division of Consumer Protection.
The purpose of credit services organization, in part, is to help consumers improve their credit report.
They do this by challenging credit entries on reports which are:
Reports, usually in the form of letters, are then sent to the respective credit bureaus --- usually, but not exclusively, Equifax, Experian, and TransUnion.
The credit companies --- called “credit bureaus” --- are then required by law to investigate the claims, if they are not “frivolous”; and thereafter they must respond to the consumer with their findings.
Such findings by the bureaus may “delete” the negative information ; or they may improve the notation on the credit report; or they may “verify” the information as correct, leaving it unchanged.
Laws governing Utah credit repair companies relate on the whole to their relations with consumers.
The state government wants to ensure that customers are being treated fairly, told of their rights, and given full disclosure.
Therefore, Utah credit repair companies must, in writing:
A credit services organization wishing to operate in Utah must:
The Utah credit services organization bond must be held by Utah credit repair companies to lawfully operate in the state.
The bond is for $100,000.00.
The purpose of the bond is to protect consumers from acts of fraud or willful misrepresentation on the part of a Utah credit repair company.
Consumers who can demonstrate that they were defrauded by a Utah credit repair company may “file against” the Utah credit services organization bond to collect damages.
Individual employees of a Utah credit repair company do not need to obtain their own surety bond.
The surety bond covers both the company and its employees.
Again, the bond is for the benefit of the consumer; it is not a liability insurance policy.
But the credit repair bond protects consumer from any claims arising by actions of the credit services company or its employees.
The premium for the Utah credit services organization bond renews on an annual basis.
The cost for the bond will largely depend --- as you undoubtedly know --- on the applicant’s credit score.
AmeriPro Surety Bonds will work on your behalf to obtain the best pricing for the surety bond.
AmeriPro Surety Bonds is a surety bond-only agency which provides credit services organization bonds in Utah, and all states where this bond is required.
We also provide license and permit, fiduciary, and contractor bonds in Utah and all 50 states.
We are always aware that our customers have choices in whom they choose to have work for them.
We work to provide the friendliest, most efficient surety bond services available.
And, we work to provide you the best pricing.