Typically with derogatory marks on your credit report like a bankruptcy and tax liens or judgments etc. you can expect a rate ranging from 3-10% depending on what else is listed on the report, bond amount and bond type. If you have a combination of the above you can expect a rate ranging from 5-15% of the bond limit.
- Bonding with a Bankruptcy – Having a bankruptcy within the last 7 years on your credit report will affect the type of rate you obtain on a surety bond. If the bankruptcy is recent or open the rate can dramatically increase the rate and may even disqualify you from obtaining a bond. This does not mean that we cannot obtain a quote for the bond, this only means that your rate may be higher.
- Bonding with Tax Liens/Judgments – Obtaining a bond when you have tax liens on your credit report may increase the rates you receive. Surety1 has markets that can issue bonds in this case. The rates will depend on the total number and the aggregate amount of the tax liens. Sometimes markets will request proof that the tax lien or judgment has been satisfied in order to qualify you for a better rate.
- Bonding with past due Child Support-Unfortunately Surety1and the markets it represents cannot provide surety bonds for a principal that owes past due child support. We would need proof that the child support is paid in full with no amount in arrears in order to obtain a quote.
- Bonding for Non-US Citizen’s-Bonding can be difficult for non-Us citizen’s because the surety company considers it a higher risk. This is because the principal of the bond, in the event of a claim could potentially leave the country and thus avoid re-payment for a paid claim. Unfortunately Surety1 cannot write bonds for non-US citizens without a social security number.
Surety1 recognizes that life shows up, and not everyone has stellar credit. We encourage everyone to apply regardless of what is listed on their report and we will try our best to get you the lowest rate possible.