Most contractors have many questions about the financial stability portion of the general contractor licensing requirements for HVAC specialists. Our Florida contractor credit report team is here to help you find answers and establish your financial responsibility so you can earn your general contractors license in Florida and HVAC specialists.
Please review the Frequently Asked Questions about Florida contactor credit reports and contact our team with any questions:
Q: Why is a Florida contractor credit report needed?
A: Contractors must establish their financial responsibility with the state in order to prove that they are financially capable of opening a business and receiving the line of credit needed to build a successful company. Unfortunately, Florida has suffered from several “fly by night” contractors who have made significant errors on buildings and then went out of business before the client could have the problem corrected or get a refund. Establishing your financial responsibility is a way of determining your eligibility to earn your contractor license.
Q: What is the Florida contractor credit score requirement?
A: The Florida law states that contractors must have a FICO credit score of 660 or higher to establish financial responsibility.
Q: What if my credit score is below 660?
A: If your credit score is below 660, you may need to file other documentation to prove your financial responsibility. Florida Department of Business and Professional Regulation states that the following requirements must be met if you do not have a credit score of 660 or higher:
If an applicant does not have a 660 credit score at the time of application, the applicant may still establish financial responsibility by obtaining a licensing bond or letter of credit. The amount of the bond or letter of credit depends on the type of license sought: $20,000 for Division I contractors or $10,000 for Division II contractors.
The amount of bond can be reduced by 50 percent after the completion of a board-certified financial responsibility course.
If you have any questions about the Florida contractor credit report requirements, please call our team at Contractors Reporting Services to schedule an appointment and we will help you with specialist in HVAC.
Contractors Reporting Services
13795 N Nebraska Ave
Tampa, FL 33613