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Ohio
Credit Service Organization Bond

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Coverage Amount: $50,000
Term Length: 1 year
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Ohio Credit Service Organization Bond Overview

  • Purpose: To ensure credit service organizations follow state and industry laws
  • Who Needs It: Credit service organizations in Ohio
  • Regulating Body: The Ohio Department of Commerce
  • Bond Amount: $50,000
  • Minimum Price: $500 for a 1-year term

What Is an Ohio Credit Service Organization Bond?

Ohio credit service organization bonds ensure that credit service organizations (CSOs) conduct business ethically and according to the Ohio Credit Services Organization Act. This bond protects buyers from harm and malpractice by credit repair businesses.

Who Needs a Credit Service Organization Bond?

The Ohio Department of Commerce (DOC) requires credit service organizations to have a $50,000 bond to guarantee financial responsibility.

Ohio defines a credit service organization as an entity that provides any of the following services:

  • Improves a buyer’s credit record, history or rating
  • Obtains extensions of credit by others for a buyer
  • Advises buyers on how to improve or obtain credit
  • Assists a buyer in improving or obtaining credit 
  • Removes negative but accurate information from the buyer’s credit record
  • Alters buyer’s identification to prevent display of their credit record, history or rating 

Who Is Exempt?

You may be exempt from the credit service organization bond if you make or collect loans and are licensed as one of the following instead:

  • Mortgage broker
  • Bank
  • Credit union
  • Non-profit offering budget/debt counseling
  • Government agencies

Additional exemptions can be found in ORC 4712.01

How Much Do Credit Service Organization Bonds Cost in Ohio?

Ohio credit service organization bonds require underwriting, meaning a soft credit check and additional financial statements are required to determine your rate. Applicants with great credit, typically only pay a 1% premium of $500.  

Additionally, you can select a multi-year term to save up to 25%. Get your free quote within one business day!

Bond Type
$50,000Credit Service Organization Bond

SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees. 

How Does an Ohio CSO Bond Work? 

When you purchase a credit service organization bond, you enter a three-party agreement that holds you financially responsible.

Bond PartyDescription
1. PrincipalYou, the credit service business owner
2. ObligeeThe Department of Commerce
3. SuretyThe issuing surety provider

If you do not follow state and industry laws, harmed parties can file a claim on the bond. The surety will investigate and pay for valid claims. Unlike insurance, you must reimburse the surety for damages. 

Ohio Credit Service Organization Bond Overview & Guide

How Do I Get a CSO Bond in Ohio?

Getting your Ohio credit service organization bond is simple and fast with SuretyBonds.com. Just complete the following steps:

  1. Apply for a quote online
  2. Receive your quote within one business day
  3. Sign your documents and purchase the bond

How Do I File My Bond?

The surety will upload your bond form to Nationwide Multistate Licensing System (NMLS) for you. All you need to do is authorize the surety in NMLS.

Can I Get Bonded With Bad Credit? 

You may still be able to get your credit service organization bond with a low personal credit score.  We work with a variety of surety markets to approve 99% of applicants. If you’re worried about qualifying, read about our Bad Credit Bonding Options.

How Do I Renew My Credit Service Organization Bond?

Starting 90 days before your bond expires, you’ll receive email and text renewal reminders. Just follow the instructions provided to renew your bond online. Or, you can renew your bond over the phone by calling 1(800)-308-4358.

How Do I Update My Bond Information?

Basic information changes like name or address can be made through a bond rider. Just email [email protected] with the necessary updates or call 1(800)-308-4358 to speak to a representative. 

For larger updates, we can help issue you a new bond form.

How to Get a Credit Service Organization License in Ohio

You’ll submit all application materials to NMLS to get your credit services organization license. You’ll also need to login or create an account with the DOC eLicense Center. 

Complete the MU1 Company Form and MU2 Individual Form in NMLS to apply for your license. Materials to attach to those forms include, but are not limited to, the following:

  • Agent, Employee, Qualifying Individual and Office Manager Documents
  • FBI Criminal Background Check
  • $50,000 Surety Bond
  • Business Plan(s) and Charts
  • SoS issued Certificate of Good Standing (no greater than 60 days old)
  • Company Policies
  • Sample Agreement/Contract Documents
  • Formation Documents
  • Ohio Attestation

For detailed information about license application materials, refer to the NMLS Licensing Checklist Resources. 


*Note: If you have multiple branch locations you may need to upload additional documents to NMLS.

How Much Does It Cost To Get An Ohio CSO License?

You can expect to pay $220 in fees to get your license — not including the bond premium. Refer to the table below for a full cost breakdown.

Fee TypeFee Amount
Application Fee$100
NMLS Processing Fee$120
Surety Bond Premium*$500+

*Surety bond premiums vary based on personal finances. 

More Resources

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