Arkansas Credit Repair Services Organization Bond Guide
In Arkansas, credit repair services organizations that accept prepayment must file a $10,000 surety bond.
Bond Overview
- Purpose: To ensure credit service businesses uphold state regulations and client contracts
- Who Needs It: All credit repair services organizations that accept prepayment
- Regulating Body: The Arkansas Secretary of State
- Required Coverage: $10,000
- Premium Rate: $100
Keep scrolling to learn more about the bonding process.
What Is an Arkansas Credit Repair Services Organization Bond?
This bond ensures that credit repair services organizations (CSOs) uphold state regulations and properly manage client funds.
The Arkansas Secretary of State (SOS) requires this type of license and permit bond for businesses offering prepaid credit services.
How Much Do Credit Repair Services Organization Bonds Cost?
The Arkansas SOS requires CSOs to file a $10,000 surety bond. The bond premium costs a flat rate of $100 — no credit check required!
Select a multi-year term at checkout to save 25%, making your premium as low as $83 per year.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does an Arkansas Credit Repair Services Organization Bond Work?
An Arkansas credit repair services organization bond is a legal contract between three parties:
- Principal: The credit repair services organization purchasing the bond
- Obligee: The Arkansas Secretary of State requiring the bond
- Surety: The provider issuing the bond
Under this contract, you, as the principal, promise to uphold all provisions of the Credit Repair Services Organizations Act of 2017.
If you break the bond terms, harmed parties can file claims on the bond. The surety will validate and pay claims up to the full bond amount. However, you are ultimately responsible for refunding the surety.
Who Needs a Credit Repair Services Organization Bond?
In Arkansas, businesses that accept prepayment for the following services must register with the SOS and file a surety bond:
- Helping improve a client’s credit score or history
- Assisting with extensions of credit
Alternatively, you can set up a trust account to hold client funds. However, a surety bond is typically the most efficient option, requiring only a small upfront premium.
How Do I Get a CSO Bond in Arkansas?
SuretyBonds.com provides the fastest and easiest way to get a CSO bond. Follow these simple steps:
- Enter Information: Fill out the quick request form on this page
- Pay Invoice: Complete your purchase online or over the phone
- Receive Bond: Receive your official bond form via email
Upon receipt, sign and file the bond documentation with the SOS.
How Fast Can I Get My Bond?
SuretyBonds.com offers instant Arkansas credit services organization bond delivery 24/7. Purchase now to receive your official bond in minutes by email.
Can I Get Bonded With Bad Credit?
Yes, this bond does not require a credit check! All applicants are automatically approved at the same price, regardless of credit score.
How Do I Renew My Credit Repair Company Bond?
Arkansas credit repair company bonds expire annually. When you work with SuretyBonds.com, we’ll send you reminders before your bond expires.
All you need to do is pay the renewal invoice to maintain coverage.
