Illinois Credit Services Organization Bond

Home » Types of Surety Bonds » License and Permit Bonds » Credit Services Organization Bond » Illinois Credit Services Organization Bond

What is a credit services organization bond?

Before obtaining a license to run a credit services organization in Illinois, you must purchase a $100,000 surety bond. This bond ensures credit services organizations (CSOs) follow the law and abide by industry standards. If a CSO acts illegally or unethically, the injured party may file a claim against the bond – up to $100,000.

Get Your Credit Services Organization Bond:

How much does an Illinois credit services organization bond cost?

The cost of this bond is subject to underwriting and may depend on your credit score, personal financials, and business financials. Typically, applicants pay between 1-4% of the total bond amount. You can apply online today at to get approved quickly.

Who needs this bond and why?

A credit services organization in Illinois that collects payment before completing agreed-upon services to the public must purchase a surety bond. You may not need a bond if your organization only collects payment after services are complete. See Section 5.1 and Section 10 of the Credit Services Organization Act for more information.

The Credit Services Organization Act defines a CSO as “a person who, with respect to the extension of credit by others and in return for the payment of money or other valuable consideration, provides, or represents that the person can or will provide, any of the following services:”

  • Improving a buyer’s credit rating, record, or history
  • Obtaining an extension of credit for the buyer
  • Giving advice or assistance regarding the first two points

How does a credit services organization apply for registration in Illinois?

Follow these steps to register with the Secretary of State:

  • Complete the State of Illinois Credit Services Organization Registration form.
  • Obtain a $100,000 surety bond (if needed).
  • Include a filing fee of $100.
  • Return your completed application packet to Secretary of State, Index Department, 111 E. Monroe, Springfield, IL 62756.

Frequently Asked Questions

The Illinois Secretary of State regulates CSO registration and bonding.

Yes, you must renew your bond annually to keep it active. You must also maintain your bond for two years after your CSO ceases operation.

The easiest way to avoid claims is to follow the laws in your state for your industry. Working professionally, addressing consumer complaints, and resolving them quickly can also help prevent claims.

Other Helpful Resources

How to Get a Credit Services Organization Bond in IL

ZipBonds offers the fastest and most secure option for getting the surety bonds you need. Our all-digital platform is intuitive and straightforward. Apply online or call us at (888) 435-4191 to speak with an agent. Most of our bonds are approved and processed immediately from our site.



Founders Ryan Swalve and Zach Mefferd formed the vision for when they realized how overly complicated it was to help clients place surety. The frustration of being unable to incorporate the technology they’d used in other insurance-focused projects left them thinking “there has to be a better way.”

Fast forward a couple of years, and that better way is the impetus of everything we do at ZipBonds. We constantly look for innovative ways to improve the bonding process for our clients and agents. Our team comprises individuals who understand all angles of surety – for companies, agencies, and individuals. Incorporating everyone’s point of view to improve the process while simultaneously integrating cutting-edge technology is what sets our business apart.