Louisiana Credit Repair Services Bond Overview
- Purpose: To hold credit repair service organizations responsible for following state laws
- Who Needs It: Credit repair companies in Louisiana
- Regulating Body: The Louisiana Attorney General
- Bond Amount: $100,000
- Minimum Price: $1,500 for a one-year term
What Is a Louisiana Credit Repair Services Bond?
Louisiana credit repair services bonds ensure credit repair companies comply with state laws. This type of surety bond protects clients from harm if credit repair companies operate unlawfully.
Who Needs a Credit Repair Services Bond?
The Louisiana Attorney General requires credit repair services organizations to have a $100,000 surety bond under the Credit Repair Services Organizations Act.
Louisiana defines a credit repair services organization as any individual or company who provides the following services:
- Improves a buyer’s credit record, history or rating
- Advises a buyer about improving credit record, history or rating, including the sale of a self-help instructional guide
How Much Do Credit Repair Bonds Cost in Louisiana?
Louisiana credit repair services bonds vary in cost based on credit score and other financial factors. Typically, applicants with great credit pay $1,500 for the $100,000 surety bond.
Apply for a quote today!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Louisiana Credit Repair Services Bond Work?
When you purchase a credit repair services bond, you enter a three-party legal agreement.
| Bond Party | Description |
|---|---|
| 1. Principal | You, the credit repair company |
| 2. Obligee | The Louisiana Attorney General |
| 3. Surety | The issuing surety provider |
If you break any provisions of The Louisiana Credit Repair Services Organizations Act, a claim can be filed on the bond. The surety will investigate and pay for valid claims. Unlike insurance, you must repay the surety for claims.
How Do I Get a Credit Repair Services Bond in Louisiana?
You can get bonded within one business day! Complete the following steps to get our Louisiana credit repair services bond:
- Apply for a quote online
- Receive your quote within one business day
- Pay for your bond
- Get your bond via email in minutes
- File your bond with the Attorney General
How Do I File My Bond?
Once you receive your bond, you’ll need to file it with the Louisiana Attorney General. Upload your bond form and registration statement to the Online Registration Page.
You may also be able to file a paper bond with the Attorney General at the following address:
Louisiana Attorney General
Consumer Protection Section
P.O. Box 94005
Baton Rouge, LA 70804
Check with the Attorney General for specific information on registering your organization and filing your bond.
Can I Get Bonded With Bad Credit?
We work with a variety of surety markets to approve 99% of bond applicants. If you’re worried about credit impacting your cost, check out our premium financing options.
How Do I Renew My Credit Repair Services Bond?
Louisiana credit repair service bonds expire annually. You’ll start receiving text and email reminders 90 days prior to the expiration date. Just follow the instructions provided and pay the invoice.
How Do I Update My Bond Information?
If you need to update basic information like name, contact information and address, just email [email protected] what needs to be changed.
A SuretyBonds.com representative will issue a bond rider for you, if possible. For bigger changes, we can help you get a new bond form.
