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