What to do if your Florida Contractor Credit Report is Lower than 660

lower contractor credit reportApplying for your Florida general contractor license requires proof of financial stability. At Contractors Reporting Services, we often hear the question, “how important is my credit score in the licensing process?” and what if you have lower Contractor Credit Report. The answer is that your Florida contractor credit report is very important in establishing your financial responsibility before the state grants you your license.

To ensure that you understand the Florida general contractor requirements for proving financial responsibility, here is a list of what is needed from the state before your license is approved:

Florida Law requires all construction contractor applicants to establish that they are both financially responsible and financially stable prior to issuance of their licenses. The Construction Industry Licensing Board has determined a contractor will be deemed financially responsible and stable if the following items are established:

  • 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; and
  • The licensing bond or letter of credit shall be maintained until the applicant has achieved a FICO credit score of 660 or higher.

If your Florida contractor credit report shows that you have a FICO score of less than 660, there are other options to prove your financial responsibility and continue forward with the licensing process:

Licensing Bonds and Letters of Credit: 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. These amounts may be reduced to $10,000 for Division I contractors and $5,000 for Division II contractors by completing a board-approved financial responsibility course.

If you have questions about the requirements for your Florida contractor credit score, contact our office and we can walk you through the process to help you with lower Contractor Credit Report to obtain your general contractors license.


Contractors Reporting Services
13795 N Nebraska Ave
Tampa, FL 33613