The Indiana Credit Services Organization Bond is required by the Office of the Indiana Attorney General. According to Indiana Code 24-5-15-2, a Credit Services Organization is a person that sells, provides, or performs any of the following services in exchange for payment:
- Improving a buyer’s credit record, credit history, or credit rating
- Obtaining an extension of credit for a buyer
- Obtaining a delay or forbearance of a buyer’s obligation under a mortgage
- Obtaining a lower interest rate for a consumer loan or a residential mortgage loan to which the buyer is a debtor or a prospective debtor
- Providing debt settlement services on behalf of a buyer
- Providing advice or assistance to a buyer concerning any of the services described above
The bond ensures that the credit services organization will comply with Indiana Code Title 24, Article 5, Chapter 15. The surety bond is required before a Credit Organization can conduct business in the State of Indiana unless the attorney general specifically waives the bonding requirement by accepting an irrevocable letter of credit for an equivalent amount issued in favor of the state.
The required amount for the Indiana Credit Services Organization Bond is $25,000.
APPLY for your Indiana Credit Services Organization Bond today!
According to IC 24-5-15-6, a credit services organization must provide the buyer with a written statement before entering a contract with the buyer that contains:
- A complete and detailed description of the services to be performed by the credit services organization and the total cost of the services
- A statement explaining the buyer’s right to take action against the surety bond
- The name and address of the surety company that issued the bond
- A complete statement of the buyer’s right to review any file on the buyer maintained by a consumer reporting agency
- A statement that the buyer’s file is available for review
- A statement of the buyer’s right to dispute the completeness of an item contained in a file on the buyer maintained by a reporting agency
- A statement that accurate information cannot be permanently removed from file
- An accurate statement indication when consumer information becomes obsolete
- A complete and accurate statement of the availability of nonprofit credit counseling services
The Indiana Credit Services Organization Surety Bond remains in full force and effect indefinitely; however, the Surety may cancel the bond at any time by giving written notice to the Credit Services Organization and the Office of the Indiana Attorney General thirty days prior to the effective cancellation date.
Where can I get an Indiana Credit Services Organization Bond?
It does not take long to process an this type of Bond. We offer an easy to use online application that can be completed in a matter of minutes. After applying, within one business day you will be contacted by one of our licensed agents with a firm quote. You just need to complete some paperwork, make payment and your surety bond will be mailed to you via USPS priority mail. Overnight delivery is also available.
Surety1 is licensed in all 50 states and is rated A+ by the Better Business Bureau. Surety1 has been writing surety bonds in Indiana since 2003.
Visit our State Guide of Bond Requirements for Credit Services / Credit Repair Businesses