Credit Reports Florida Contractor and why it is Important to have a Good Credit Score

credit report florida contractor We’ve discussed the requirements to earn your general contractors license like Credit Reports Florida Contractor in several previous blogs. However, most people still don’t know that you are required to produce a personal and commercial (if applicable) FICO credit statement in order to prove financial responsibility before you can receive your general contractor license in Florida.

As a matter of fact, Florida requires more than simply a credit report to prove your financial responsibility before you can earn your general contractor license. According to Florida law, there are several components needed in order to prove your financial responsibility before you can move forward with your career as a general contractor. Here is the list of requirements needed to prove your financial responsibility from the official Florida state general contractors website:

 

  • There are no unsatisfied liens against the applicant or the company he or she intends to qualify
  • There are no unsatisfied judgments against the applicant or the company he or she intends to qualify
  • Applicant has a 660 FICO derived credit score or higher, or submits a licensing bond or irrevocable letter of credit
  • The licensing bond or letter of credit shall be maintained until the applicant has achieved a FICO credit score of 660 or higher

 

Without a good FICO credit score of 660 or higher, there are more requirements to meet before you can obtain your Florida general contractor license. There are still ways to prove your financial responsibility, but having a low FICO credit score adds more steps to the process.

 

Contractors Reporting Services Credit Report Service

When helping you build your career as a successful general contractor in Florida, we like to make sure that we have all of our bases covered. That means that we have services in place to help you not only prove your financial responsibility in order to obtain your license, but also to proactively make sure that you meet the financial requirements before the application process begins. Just because you have a credit score of lower that 660 doesn’t mean that you can’t obtain your Florida general contractor license.

Our team of experts at Contractors Reporting Services has been helping contractors earn their license and build successful careers since 1965. We proactively work to make sure that you can meet all of the requirements for your general contractors license. In the event that you don’t meet one of the requirements for financial stability, we create an alternative plan to avoid unnecessary obstacles and make sure that you receive your license in a time-efficient manner.

 

What happens if your credit score is below 660?

In the event that we pull your general contractor credit reports and your FICO score is lower than 660, there is an alternative route to establish your financial responsibility. Our team of experts will help you decide on a new route so you can obtain your Florida contractors license.

On the “Florida Contractor Credit Report” page of our website, we explain the alternative route to proving your financial responsibility if your credit score is lower than 660:

In the event that you do not have a 660 or higher FICO credit score, you may still prove financial stability by obtaining a licensing bond or letter of credit in the amount of $20,000 for Division I Contractors or $10,000 for Division II contractors ( source: Florida Department of Business and Professional Regulation).

If you are ready to discuss the requirements to prove your financial responsibility for your Florida general contractors license, give us a call today!

 
13795 N Nebraska Ave
Tampa, FL 33613
1.800.487.2084

 

How to Upgrade Your Florida Contractor’s License to a Higher Class

By Chris Cook • March 18, 2025
As a licensed contractor in Florida, you may eventually find that your business needs to expand its scope of work. Whether you're looking to move from residential to commercial projects or increase the size of the projects you can legally take on, upgrading your contractor’s license to a higher class can be an essential step in growing your business.

The Top Mistakes to Avoid When Applying for Your Florida Contractor's License

By Chris Cook • March 18, 2025
Obtaining a contractor's license in Florida is an essential step to legally work in the construction industry. However, the process can be complex, and many applicants make mistakes that delay or even derail their application. Whether you're a new contractor or looking to expand your business, knowing the most common pitfalls can save you time, money, and stress. In this article, we'll highlight the top mistakes to avoid when applying for your Florida contractor's license and provide tips for a smoother process.

Understanding the Difference Between the Florida Construction Industry Licensing Board (CILB) and the Electrical Contractors' Licensing Board (ECLB)

By Chris Cook • March 18, 2025
In Florida, contractors are required to be licensed to ensure that construction projects are executed safely, correctly, and in compliance with state laws. Two major regulatory bodies oversee contractor licensing in Florida: the Florida Construction Industry Licensing Board (CILB) and the Electrical Contractors' Licensing Board (ECLB). While both fall under the Florida Department of Business and Professional Regulation (DBPR), their areas of focus are quite different. If you're a contractor or considering entering the construction industry in Florida, it’s crucial to understand the roles these boards play and how they affect you.

How to Start a Successful HVAC Company

By Chris Cook • March 18, 2025
A career in HVAC (Heating, Ventilation, and Air Conditioning) can be a good idea in Florida, as in many other parts of the United States. Florida's warm and humid climate certainly makes air conditioning a necessity, so there is a consistent demand for HVAC services. This demand can provide job security and opportunities for those working in the HVAC industry. HVAC technicians in Florida can earn a healthy income, with the potential to increase their earnings as they gain experience and expertise. And HVAC professionals who choose to start their own HVAC businesses often find this a rewarding option. Overall, a career in HVAC in Florida can be a good idea if you have a genuine interest in the field, are willing to invest in your education and training, and are prepared to adapt to changing industry trends and technologies. It can provide job stability, good earning potential, and opportunities for career growth, especially if you are committed to delivering quality service to your customers.

How to Obtain Your Florida Electrical Contractors License

By Julia Bradley • July 27, 2023
The demand for licensed electricians is high in Florida and expected to continue growing as new construction and infrastructure projects are undertaken. If you are considering a career as a licensed electrician, you can expect to earn a competitive salary, and have steady employment and job security. Skilled electricians are needed in various industries, including residential, commercial, and industrial sectors. Electricians also have the flexibility to work independently, for an established company or start their own businesses which can give you more control over your work schedule, projects, and income potential. Although physical demands and challenging environments, such as cramped spaces, heights, or extreme weather conditions exist, those who enjoy hands-on work, problem-solving, and working with electrical systems will find this profession rewarding, and you can continually expand your knowledge and expertise through ongoing training and certifications.

6 Ways to Grow Your Construction Business

By Ryan Bradley • April 25, 2023
Running a successful construction business requires careful planning and execution, as well as a good understanding of the industry and the market you operate in. Here are some key steps to consider when starting and growing a successful construction business.

Three Construction Management Software Programs to Try

By Ryan Bradley • March 1, 2023
Get Organized in 2023: Three Construction Management Software Programs to Try
Real estate trends shows graphic of miniature house model on top of a blueprint

Real Estate Trends: What can Florida expect in 2023?

By crs-admin • November 15, 2022
Realtor.com has recently published its housing market predictions for 2020. In the forecast, analysts looked at four areas: supply, demand, home sales, and the move to affordability. 1) Supply Low affordability and higher interest rates caused growth in the housing inventory, while higher housing prices and higher interest rates raised barriers to entry. Houses satContinue reading
Approved stamp for a contractor applying for a state license

Six Easy Steps To Becoming A Contractor in Florida

By Sandra Brown • April 17, 2022
Six steps Contractors Reporting Services can assist you in becoming a Florida contractor. #1 The Application. #2 Work Experience and State Examination: you must pass the Florida contractor license and provide educational and/or vocational experience. #3 Proof of financial stability and a high FICO score. #4 Fingerprinting and criminal background check. #5 Proof of Insurance. #6 Application fees. These steps can be difficult on your own. Call Contractors Reporting Services for more information.
IT management and cyber security for contractors

IT Management and Cyber Security for General Contractors

By crs-admin • March 10, 2020
IT management and cybersecurity are critically important for the general contractor. Project management for the general contractor encompasses schedules, materials, services, permits, and, most importantly, people. When a cyber-attack steals client, subcontractor, and vendor account information, it hurts people.
More Posts
Share by: