Wisconsin Credit Services Organization Bond Guide
In Wisconsin, most credit services organizations (CSOs) must file a $25,000 bond to register with the Department of Financial Institutions.
Bond Overview
- Purpose: To ensure credit services organizations uphold state regulations
- Who Needs It: Most credit services organizations in Wisconsin
- Regulating Body: The Wisconsin Department of Financial Institutions – Bureau of Consumer Affairs
- Required Amount: $25,000
- Premium Rates: Credit-based, starting at $375
Keep scrolling to learn more about the bonding process.
What Is a Wisconsin Credit Services Organization Bond?
A Wisconsin credit services organization bond protects clients from harm due to fraudulent or negligent practices. The Department of Financial Institutions (DFI) requires this type of license and permit bond to register an organization with the state.
How Much Do Credit Services Organization Bonds Cost in Wisconsin?
Wisconsin credit services organization bond premium rates are credit-based and typically cost 1.5–3% of the total bond amount. For example, qualified applicants often pay just $375 for the required $25,000 coverage.
Your exact rate will depend on your financial qualifications. You may also be eligible for a multi-year term discount to save up to 25%. Apply below to get a free quote.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Wisconsin Credit Services Organization Bond Work?
A Wisconsin credit services organization bond is a legal contract between three parties:
- Principal: The credit services organization purchasing the bond
- Obligee: The Wisconsin Department of Financial Institutions requiring the bond
- Surety: The provider issuing the bond
Under this contract, you, as the principal, promise to uphold all regulations under the Credit Repair Organizations Act.
If you break the bond terms, harmed parties can file claims on the bond. The surety will validate and pay claims up to the full bond amount. However, you are ultimately responsible for refunding the surety.
Who Needs a Credit Services Organization Bond?
In Wisconsin, most organizations that charge a fee for the following services must register with the DFI and file a surety bond:
- Helping improve a client’s credit score or history
- Assisting with obtaining an extension of credit
Certain institutions are exempt from registration under Wisconsin Statutes § 422.501.
CSOs can submit a $25,000 letter of credit instead of a surety bond. However, a surety bond is often the most affordable option, requiring only an upfront premium and no collateral. Learn more about surety bonds vs. letters of credit here.
How Do I Get a Credit Services Organization Bond in Wisconsin?
SuretyBonds.com provides the fastest and easiest way to get a CSO bond. Follow these simple steps:
- Apply Online: Enter your information to receive a personalized quote
- Pay Invoice: Complete your purchase online or over the phone
- Receive Bond: Receive your official bond form via email
Upon receipt, sign and file the bond documentation with the DFI.
How Fast Can I Get My Bond?
SuretyBonds.com issues CSO bonds faster than any other provider. We process most bond applications same-day. Apply now to receive your free quote.
Can I Get Bonded With Bad Credit?
Yes, you may still be able to get bonded with bad credit. However, poor credit will typically increase your premium rate.
Apply for a free quote or visit our Surety Bond Cost FAQ page to see how credit may impact your cost.
How Do I Renew My Credit Services Organization Bond?
Credit service organization bonds expire annually. When you work with SuretyBonds.com, we’ll send you reminders and a renewal invoice before your bond expires. All you need to do is pay the renewal premium to maintain coverage.
How to Open a Credit Services Organization in Wisconsin
The Department of Financial Institutions regulates credit services organizations in Wisconsin. To register, complete the application packet and include a check for the $100 registration fee.
Mail your application, surety bond form, and check to the address below:
Department of Financial Institutions
Bureau of Consumer Affairs
PO Box 8041
Madison, Wisconsin 53708-8041
CSO registrations expire on December 1 of even-numbered years. To renew, resubmit the application, $100 fee and updated surety bond (if necessary).
