The Texas Credit Services Organization Bond is required by the Texas Secretary of State.
A credit services organization (or credit repair company) is a person or business who provides any of the following services with regards to the extension of consumer credit by others:
The Secretary of State requires the Texas Credit Services Organization Bond to be in the amount of $10,000. The $10,000 bond has a two year term, and a separate bond must be on file for every location of the credit service organization. The cost of the bond starts at $180.
The bond states that the bond holder will faithfully discharge all obligations, duties, and responsibilities in manner that is consistent with good business practices. This bond should be written for, and in favor of, the Secretary of State and the people of the State of Texas. The purpose of this bond is not to insure or protect your organization, but rather those who interact with your organization.