The Best Price for a Bad Credit Contractor Bond
Sometimes things happen in life outside of our control. The California construction industry has suffered over the past several years and as a result it has impacted the credit of thousands of contractors throughout the state. As credit continues to be the major rating factor in quoting contractor surety bonds, it’s important to know the factors that control your credit score. These simple tips will help you get the lowest price for your bad credit contractor bond.
Credit problems occur for a number of reasons, but understanding why your credit has suffered is an essential element of improving it. Even if you think you know the reason, take advantage of the free credit reports that you can get yearly (courtesy of the federal government mandate). There may still be some items of which you are unaware.
Thousands of contractors credit were effected by :
- Poor Health- Medical Bills
- Failed Business Partnerships
- Legal Trouble
Important credit rating factors:
- Do you have a large number of outstanding loans?
- Do you have too many credit accounts in your name?
- Have you ever had to file bankruptcy?
- Do you have a credit card that is over the balance or has not been paid in a while?
- Are there any unpaid medical bills reflecting on your credit that you did not realize?
If you get your credit report and find mistakes, get them fixed as quickly as possible. Mistakes can cost you a lot, especially if you’re looking to become bonded. Be sure to look at each part of the credit report(s) in detail and see if anything odd stands out If it does, then you have the right to correct possible wrongs. It could be charges that were never made, or companies failing to report that you’ve paid off a debt.
Sitting down and figuring out your budget is important at this point in the process.How much can you afford to pay for bonding? Are you prepared to pay a large amount if you just can’t find an agency that will give you a lower rate? Contact us for the lowest bad credit contractor bond rates in the industry!
Bonding is an essential part of the construction industry, when used properly it can open up a world of opportunities that would never have been available with the limited resources of an individual contractor. Most city and government jobs want to ensure your company has the capacity to complete a job on time and according to your contract.
All it takes is a job well done for the right municipality to snowball into much larger and more profitable projects. The construction industry is a very tight knit group and doing a great job will likely spread quickly via word of mouth, but be aware the same holds true if you are not standing by your work and craftsmanship.
ContractorBondQuote.com specializes in providing contractors with bad credit the lowest prices in the industry.
Call us for a FREE quote at: 1-800-409-7944