Credit Report Services – Establishing Financial Responsibility for your General Contractors License
Did you know that before you can obtain your General Contractor license in the state of Florida, you must provide a personal and commercial credit report to prove financial responsibility and stability?
At Contractor Reporting Services, our Credit Report Services provide the appropriate paperwork to show your financial stability to the state in order to receive your General Contractor license and begin your career. Our staff is highly trained and experienced in making sure that your General Contractors license process is completed efficiently and void of most unforeseen obstacles. Our goal is to help you start your career as a General Contractor in Florida in a timely manner.
According to the Florida state law, there are several components that need to be checked in order to deem you financially responsible before you can obtain your General Contractor license. Below are the requirements for financial responsibility and stability:
- 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
Our team at Contractor Reporting Services can help you order and organize your financial documents to send in to the state in order to obtain your General Contractor license.
What if your Florida Contractor Credit Report shows a FICO score of less than 660?
One of the requirements to establish financial responsibility for your General Contractors license is to have a FICO credit score of 660 or higher. Sometimes, we have contractors who have less than a 660 FICO credit score, which poses a problem when applying for your General Contractors license. Nevertheless, there are ways to still establish your financial stability even without meeting this component of the requirements.
At Contractor Reporting Services, we are trained and experienced in helping people fulfill their goals of becoming General Contractors in Florida. Over 40 years of experience has taught us how to navigate the sometimes murky waters of contractor licensing and find solutions for almost every situation – including a credit score that is too low to meet the financial requirements.
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).
Our team at Contractor Reporting Services can help you establish financial responsibility and stability for your General Contractors license through our Contractor Credit Report Services. We can help you find solutions to any financial stability problems that might arise, such as having a FICO credit score of lower than 660.
Ready to start your career as a General Contractor in Florida? Call our office to set up an appointment for our Contractor Credit Report Services and let us help you establish the financial responsibility needed to obtain your contractors license.