Credit adjustment service companies are statutorily defined as business entities which prorate the income of debtors to creditors, or purchases the debt of a debtors, and in return the principal receives a service charge.
The Wisconsin Division of Financial Institutions regulates the activities of credit adjustment services companies and receives the filing of the appropriate surety bond and amount.
The Wisconsin credit adjustment services bond is a $5,000 surety bond required of each location of your business entity, by law.
Qualifying for this bond is extremely easy with our agency:
For any amounts up to $50,000, there is a simple application, and payment of the required premium.
Afterwards, the bond is issued to you immediately without any delay. There is no credit --- neither business nor personal --- involved in the underwriting of the bond.
The premium required is a flat, pre-established amount.
A $5,000 surety bond is $100 for one year; and a $50,000 surety bond would have a premium of $750, annually.
Applicants who require a surety bond above $50,000 may likely qualify for streamlined processing as well. There are different criteria, however, including the length of time you have been in business;
Standard underwriting is available for higher dollar amounts with excellent premium pricing.
While entirely up to you, this surety bond may also be prepaid for 2 or 3 years, offering you a savings over year-to-year renewal.
The purpose of your credit adjustment services bond is a financial guarantee to the Division and to those whom you conduct business with for the failure to pay any money owed to any principal of your business.
Therefore, while this surety bond is required of you, its protections are for the benefit of those with whom you conduct business; the surety also protects the Division of Financial Institutions.
AmeriPro Surety Bonds is a surety bonds only agency which provides license and permit, court, and fiduciary bonds throughout Wisconsin. Our agency also provides surety bonds nationwide.
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