CONSTRUCTION FINANCIAL STABILITY BOND

Are you one of the individuals who had to purchase a bond due to your credit score? Did you know that at the time your score raises above a FICO score of 660+, you will no longer need that bond?

When applying for a new license or the transfer of an existing license under the purview of the Construction Industry Licensing Board, all applicants must show a FICO score of 660 or higher. If they do not, a bond must be secured. This bond is to be renewed annually until an applicant has a score over 660.

To prove that you no longer need the bond, you must provide an approved credit report to the state and update your bonding agent with this information. This will allow you to release the bond.

Licenses, Etc. is a DBPR approved agency and we would be happy to assist you with pulling a new credit report. We even go the extra step. We submit a letter to the DBPR on your behalf to notify them if you are above the 660 requirement and provide you a copy of the new report for your records.

Remember that this is not the same as a Financially Responsible Officer bond. Those must stay in force until a license holder takes on the responsibility for the company.

If you have any questions regarding the credit requirements for the DBPR, please call us today at 239-777-1028. A team member would be happy to answer your questions. Click here for more information.