Surety Solutions Insurance Services, Inc., using a new challenged credit program, can provide access to people typically shut out by low credit scores.
Rancho Cordova, CA (PRWEB) April 24, 2010
For many people, a surety bond is a requirement of employment; government workers, contractors and nearly anyone entering into a contract with another party needs to be bonded by a surety agency. All surety bonding agencies rely on a consumer’s credit history to set rates; premium rates demand a high credit score. Until now! As of February 2010, Surety Solutions Insurance Services, Inc., using a new challenged credit program, can provide access to people typically shut out by low credit scores. With this new service, Surety 1’s experienced and expert staff, can invest the time to evaluate the underlying issues behind a poor credit score and place a bond within the standard market. It is imperative to know your credit score and the information the surety agency receives about you. What would have once been an automatic denial may no longer be a problem with the help of Surety 1 and their challenged credit program.
A unique relationship with their markets allows Surety 1 to work with contractors to provide bonding needed to promote business, move forward and aide recovery from recent economic downturns. This new service is a revitalization benefit for contractors looking for performance and payment bonds, who are currently crippled with low credit ratings.
With the current increase in insolvency of contractors and the subsequent bankruptcy for those bonding agencies not checking credit reports, sureties are stanchly relying on consumer’s credit scores which indicate the inherent risks of the surety bond and subsequently dictate rates. Surety 1 knows that there may be mitigating factors affecting a low credit score; not all are a result of tax liens or bankruptcy. A heavy debt, consistent late payments and too many hard inquires into credit history are examples of factors that can lower scores. A surety may perform a soft inquiry; which will not negatively impact a current credit score, through one of three nationwide consumer reporting companies, Equifax, Experian, and TransUnion. Insure your company or occupation’s credit standing by routinely checking your credit score; it can save you money and ensure your reputation for financial trustworthiness.
For companies and individuals in the position of a risky credit history, the answer may lie with Surety 1, Surety Solutions Insurance Services, Inc. Visit http://www.surety1.com and find out if they have the bonding solution for you.
Surety Solutions offer surety bonds nationwide and specialize in contractor performance bonds.
Visit http://www.surety1.com for more information.
Contact: Amy E. Johnston
Surety Solutions Insurance Services, Inc.
3225 Monier Circle
Rancho Cordova, CA 95742
(877)654-2327 Toll Free