Under the North Carolina General Assembly Credit Repair Services Act, credit repair businesses or organizations wishing to offer and perform credit repair services to the public must obtain the $10,000 Credit Repair Service Bond. The bond is required to ensure that businesses offering credit repair services are doing so in a fair manner that meets state and federal quality standards. The bond also acts as financial protection for the public should the credit repair business violate state or federal regulations, contractual obligations, or act dishonestly.
Jet cuts out the middlemen who slow down the process and can cost you more in the form of fees and commissions. We are the direct provider of contractor bonds in North Carolina.
At Jet, Credit Repair Service Bond prices start at $10 monthly or $100 annually. Our prices are based on a percentage of the $10,000 bond limit and a personal credit check of the credit repair business owner. Below you can find examples of preferred credit pricing tiers that include monthly, and 1-, 2-, or 3-year term options.
Choosing Jet gives you the advantage of paying for your bond on a monthly basis or a low in-full option with no added fees. Other surety companies don't offer monthly payment options and may add on broker and other additional fees for the purchase of the bond.
The original signed and sealed Credit Repair Service Bond must be filed with the office of the North Carolina Secretary of State. Unlike other surety companies, Jet will take care of filing the bond for you at no cost! After your purchase of the bond has been completed, Jet will file the original bond and send you a copy via email for your personal records.
If you would prefer to file the bond yourself, our application process allows you to select that option. The original bond form should be mailed to the following address:
NC Department of the Secretary of State
PO Box 29622
Raleigh, NC 27626-0622
The Credit Repair Organizations Act is a federal law under the regulation of the Federal Trade Commission. The purpose of the act is to regulate businesses and organizations who provide credit repair services to the public. In North Carolina, the Credit Repair Service Bond is required by the General Assembly and Secretary of State to ensure that credit repair businesses are following all state and federal laws such as the Credit Repair Organizations Act. The bond also provides financial protection for the public from credit service wrongdoings, such as accepting fees for credit repair services not provided.
North Carolina credit repair businesses and organizations are expected to follow all state and federal laws pursuant to the Credit Repair Organizations Act and General Statutes Chapter 66, Article 30. A financially harmed client may take civil action against the credit repair business that could result in a bond claim. Below are a few prohibited acts that could facilitate a bond claim if committed:
Financially harmed clients may submit misconduct complaints of the credit repair business to the North Carolina Secretary of State or the Federal Trade Commission. Ultimately, neither party can commence action on behalf of the damaged client for the recovery of lost funds and may advise the client to take civil action of their own accord. It is in the best interest of the credit repair business to work directly with the client on resolving the complaint before civil action and a possible bond claim is pursued.
If civil action is brought against the credit repair business and the court proceeds to validate the claim, the bond may be used as restitution for financial damages brought on by the credit repair business and a reasonable attorney's fee fixed by the court.
Immediately contact Jet upon notice of the court ordered bond claim payout. The Jet team will commence a review of the claim details and the court’s investigation. Validated claims that come from the state court system are thoroughly investigated before reaching Jet, so there is little Jet can do other than accept the claim and make the court ordered payment.
Jet will make payment up to the $10,000 bond limit for valid claims. The owner of the credit repair business is ultimately responsible for their actions and must reimburse Jet for the paid out claim. Failure to do so will result in difficulties obtaining future surety bonds, including the required Credit Repair Service Bond.
Jet takes pride in making the bond process as efficient as possible. The North Carolina Credit Repair Service Bond application will ask for some general information such as the credit repair business or organization name, the owner’s name, and their social security number. For an approved rate, a soft credit check is required and will only take seconds to complete. Once the monthly, annual, or multiple year bond term is selected and payment has been completed, Jet will file the original bond form and send you a copy for your personal records.
Not with Jet! Our monthly payment option erases the need for a bond renewal. Payments will continue to come out of your preferred account until cancellation is requested.
For our 1-, 2-, or 3-year bond payment options; Jet will send you a renewal invoice prior to the bond expiration. We do not require any renewal fees or extra paperwork, the annual payment is all this is required.
The bond is continuous until cancellation. At Jet, you can cancel the bond at any time! Just let Jet know that you would like to cancel (email is fine), and we will proceed with filing a cancellation notice with the office of the Secretary of State. Liability will be released within 30 days of the cancellation filing date.
If the monthly payment option was chosen, Jet will be required to charge for that 30-day period after cancellation is requested because the bond is still technically active. If one of the annual term payment options was chosen, the Jet team will review the bond to see if there is any premium left on the bond available for reimbursement.