Illinois Credit Services Organization Surety Bond | Credit Repair Bond

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Bond Penalty: $100,000

If you operate a credit repair service in Illinois and charge clients before completing your services, Illinois law requires you to post a $100,000 surety bond. Surety One, Inc. offers this bond quickly and affordably, ensuring that your credit services organization remains compliant with state regulations. The Illinois Credit Services Organization Surety Bond is mandated by Public Act 85-1384, codified at 815 ILCS 605/10, also known as the Illinois Credit Services Organizations Act. This $100,000 bond protects consumers from fraudulent or improper conduct by credit repair companies.

You are required to obtain and maintain this bond if your business:

  • Charges or collects money before completing the credit services promised.
  • Offers credit improvement, debt settlement, or similar services to Illinois consumers.

The required bond amount is $100,000. It must be kept in force continuously while the business is in operation and for two years following the cessation of business activities. The surety’s liability under this bond is limited to actual damages caused by the credit services organization's violation of the Illinois Credit Services Organizations Act. Punitive damages are specifically excluded, as provided in Section 11 of the Act.

The bond must be filed with the Secretary of State:

IL SoS Index Department
CSO Licensing
111 E. Monroe
Springfield, IL 62756.

For questions, you may contact the department at (217) 782-7017 or visit cyberdriveillinois.com.

The Illinois Credit Services Organization Surety Bond guarantees that the bonded entity will comply with all provisions of the Credit Services Organizations Act. It protects consumers from financial harm resulting from fraudulent, deceptive, or otherwise improper business practices. In the event of a violation, any consumer who suffers a financial loss may bring a claim against the bond to recover actual damages.

Illinois law regulates CSO practices but does not nullify the Federal Code (15 U.S. Code §1679j) that regulates the activity. There are specific acts prohibited under federal laws. The credit service organization bond may generally be claimed upon for violations of particular state rules, rather than the CRO Act so it is important to read and understand the regulations.

Illinois surety bond leader, Surety One, Inc. is a specialist in the bonding needs of CSOs, debt adjustment and collection agencies. We offer both the surety bonds and fidelity bonds needed by credit service professionals in all fifty states, Puerto Rico and the U.S. Virgin Islands. Questions about this surety bond? Call us at (800) 373-2804, email us at Underwriting@SuretyOne.com or click here for live chat. A Illinois credit services organization bond is quick, easy and delivered in hours.

Surety bond application review and quoting are free of charge. There is no obligation to purchase.

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Additional Attachments

  • Current Business Financial Statement