Illinois Credit Services Organization Surety Bond

The Illinois Credit Services Organization Surety Bond is a type of surety bond required by the Illinois Secretary of State Index Department.

The purpose of the Illinois Credit Services Organization Surety Bond is to protect consumers from fraud and abuse. Here are some specific examples of what might cause a claim on a Illinois Credit Services Organization Surety Bond can protect consumers:

• If a CSO charges upfront fees for its services, which is illegal in Illinois, the bond can be used to reimburse consumers for those fees.
• If a CSO fails to deliver on its promises, such as removing accurate information from credit reports, the bond can be used to compensate consumers for their losses.
• If a CSO goes out of business without providing consumers with a refund for any prepaid services, the bond can be used to reimburse consumers for those losses.

A credit services organization (CSO) in Illinois is a business that provides credit repair or credit counseling services to consumers.

CSOs are required to be registered with the Illinois Secretary of State and must comply with all applicable state laws and regulations.

CSOs can offer a variety of services to consumers, including:

• Reviewing credit reports for errors and inaccuracies
• Disputing errors with credit bureaus
• Negotiating with creditors to reduce debt payments
• Creating budget and debt management plans
• Providing credit education and counseling

CSOs are not allowed to make false or misleading claims about their services. They also cannot guarantee results or promise to remove accurate information from credit reports. The required amount for the Illinois Credit Services Organization Surety Bond is $100,000. The bond must be maintained for 2 years after the date that the credit services organization ceases business operations.

How to get an Illinois Credit Services Organization Surety Bond

At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:

1. Complete the easy to navigate and secure online application. ¹
2. Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day. ²
3. Sign some paperwork and pay the bond premium

Once these steps have been completed, the Illinois Credit Services Organization Surety Bond will be shipped to the bond applicant.
^{1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
2- Subject to underwriter approval, based on aggregate surety bond exposure, additional underwriting information may be required}

Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.

 Illinois Credit Services Organization Registration Requirements

According to the Illinois Credit Services Organization Act, a credit services organization must file a registration statement with the Secretary of State in order to conduct business in the State of Illinois. The registration statement must contain:

• The name and address of the credit services organization
• The name and address of the registered agent authorized to accept service of process on behalf of the credit services organization
• The name and address of any person who controls 10% or more of stock in the credit services organization
• The name, numbers, and location of the surety company issuing the surety bond

The registration statement must also contain either:

• A full and complete disclosure of any litigation or unresolved complaint filed with a governmental authority or;
• A notarized statement that states that there has been no litigation or unresolved complaint

CSOs are not allowed to charge upfront fees for their services.

For more registration information contact the Illinois Secretary of State Index Department.

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