How Bad Credit Can Affect a Client’s Surety Bond

Viking Bonds: How Bad Credit Can Affect a Client's Surety Bond

Personal credit is one of the most crucial elements of securing a surety bond and setting the price for a bond. For some bonds, such as Mortgage Lender Bonds and Mortgage Broker Bonds, credit score is the primary factor in determining approval and bond rate. Here is some information on credit scores, and how they affect one’s application for a surety bond.

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Everything You Need to Know About License Bonds

Viking Bonds Everything You Need To Know About License Bonds

What Are License Bonds?

License Bonds are commercial surety bonds that government agencies require business owners to obtain before the business owners can be legally licensed in certain industries, such as insurance brokering, mortgage lending, and construction.

 

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How Bid, Payment and Performance Bonds Work Together

In order to bid for and then perform a construction project, you will likely need three bonds: a bid bond, a performance bond, and a payment bond. These three contract bonds work hand in hand to provide security for several parties involved in construction contracts.

 

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