Surety bond bad credit worries are understandable. The requirement for a surety bond doesn’t budge. Credit scores, however, can change things. Working with the right surety bond company helps keep bad credit ratings manageable.
Credit Scores And Surety Bond Rates
Don't let bad credit prevent a low surety bond rate.
Surety bond bad credit ratings will vary depending on the credit score. A credit score is a typical way that individuals and companies are tested in terms of risk.
Nerdwallet provides a nice synopsis of credit scores and how bad credit is determined. Often bad credit is a result of bankruptcy, tax liens, court judgment, or delinquent payments.
The standard range of credit scores is:
A credit score is only one factor that a surety bond company reviews when determining the surety bond rate.
What Determines A Surety Bond Rate?
Other factors change the surety bond bad credit rate, too. Factors such as type of surety bond, the value of judgment, coverage time, and collateral can affect surety bond rates.
Posting collateral is often more expensive than posting a surety bond no matter the credit score. Collateral can also take longer to be returned. However, a combination of collateral and a bond can lower the surety bond bad credit rate.
To avoid the hassle of collateral it is helpful to work with a surety bond bad credit expert. The Jurisco staff works with clients from every credit score bracket to deliver a secure surety bond fast.
Quick Way To Lower Surety Bond Rates
One proven way to handle surety bond bad credit situations is to work with a reputable surety bond company. Working with a nationwide surety bond provider gives clients with all types of credit a better chance at receiving a lower bond rate.
Jurisco is a nationwide surety bond company that employs bond experts who know each state’s guidelines. A surety bond bad credit rate is lower when working with a more well known company like Jurisco. This is in large part due to the surety bond professionals understanding the best way to handle bonds.