Virginia Credit Services Organization Bond
(Virginia Credit Repair Bond)
AmeriPro Surety Bonds | 844-589-9732
***We are no longer a market for this surety bond.***
Update July 2020: Please note, we are only a market for the $25,000 to $50,000 Virginia credit services organization bond. We offer this bond without a credit check inquiry. Applicants will be automatically approved. We are not a market for the $5,000 to $20,000 surety bond amounts.
Credit Repair Companies – Virginia
AmeriPro Surety Bonds is not connected to, either directly or indirectly, any local, state, or national groups involved in any way with the credit repair industry. All customers or potential customers are judged individually, based solely on meeting the criteria of having “good credit” to qualify for surety bond approval where required.
Credit repair companies operating in the Commonwealth of Virginia are regulated by the Virginia Credit Business Services Act.
A feature of the Act is that Virginia credit repair companies must furnish the Commissioner with evidence of a surety bond in an amount prescribed by the Commonwealth.
Virginia Credit Services Organization Bond: Amount Required and the Cost
The Virginia credit services organization bond:
- Has a minimum surety bond requirement of $5,000;
- And a maximum surety bond amount of $50,000.
The amount that you will be required to furnish to the Commonwealth is determined by 100 times the fee you charge to your clients, subject to the minimum/maximum amounts listed above.
The cost of this surety bond to you (known as the premium) will be determined by information provided on your surety bond application and a credit score.
An applicant with very good credit may expect to pay $100 annually for the bond’s lowest amount, and about 1% of the $50,000 surety bond required.
The VA Credit Repair Bond’s Duration
The Virginia credit repair surety bond is typically issued for a period of one year. We may have options which permit a prepayment for several years for this surety bond, offering you a savings over an annual renewal.
The Purpose of this Surety Bond
The purpose of the Virginia credit services organization bond is to protect any of your customers from any failure to be in compliance with the Act or the violation of the same. This surety bond, therefore, serves as a financial guarantee on their behalf. Additionally, the financial guarantees afforded by means of this surety bond also extend to wrongful acts committed by any agents, employees, and managers of your credit repair company who violate the Act.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court, and fiduciary surety bonds throughout the Commonwealth. Our agency also provides surety bonds nationwide. Please call us today at:
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