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Indiana Credit Consulting

🛡️ Legal Requirements in Indiana

  • Surety Bond: You must obtain a $25,000 surety bond from a company authorized to do business in Indiana.
  • Bond Filing: A copy of the bond must be filed with the Office of the Indiana Attorney General before offering services.
  • Alternative Option: You may submit an irrevocable letter of credit for the same amount instead of a bond.
  • No Formal License: Indiana does not require a separate license for credit repair businesses, but failure to meet the bond requirement is considered a deceptive act under state law.

📜 Federal Compliance

You also need to comply with the Credit Repair Organizations Act (CROA), which prohibits:

  • Charging fees before services are rendered
  • Making false or misleading claims
  • Failing to provide written contracts with cancellation rights

If you’re planning to offer these services under a business entity, you’ll still need to register your business with the Indiana Secretary of State and obtain an EIN from the IRS for tax purposes.

Would you like help drafting a compliant service agreement or exploring bonding providers?

🧾 Bonding Requirements

Indiana Code § 24-5-15 mandates that all credit services organizations (including credit repair consultants and foreclosure advisors) must:

  • Secure a $25,000 surety bond from a company authorized to do business in Indiana.
  • File the bond with the Office of the Indiana Attorney General before offering any services.
  • The bond acts as a consumer protection tool, allowing clients to seek compensation if the organization violates consumer protection laws.
  • Alternatively, you may submit an irrevocable letter of credit for the same amount, but it must also be filed with the Attorney General’s office.

📝 Registration Process

While Indiana doesn’t require a separate license for credit repair businesses, you must still:

  • Register your business entity with the Indiana Secretary of State.
  • Obtain an EIN from the IRS for tax purposes.
  • Maintain compliance with federal laws like the Credit Repair Organizations Act (CROA), which governs contracts, disclosures, and fee structures.

⚠️ Enforcement & Penalties

Failure to file the bond or letter of credit before doing business is considered a deceptive act and may result in:

  • Fines
  • Legal action
  • Revocation of business privileges

Would you like help finding a reputable bonding provider or drafting a compliant service agreement? I can also walk you through the CROA requirements if you’re building out your client onboarding process.

Dru.LLC Credit Services Agreement.

CREDIT REPAIR SERVICE AGREEMENT
This Service Agreement (“Agreement”) is entered into by and between:

Dru.LLC
Business Address: [Insert Indiana location]
(Hereinafter referred to as “Company”)

and

Client Name: [Insert Client Name]
Client Address: [Insert Address]

Date of Agreement: [Insert Date]

  1. SERVICES PROVIDED
    The Company agrees to perform credit repair services on behalf of the Client, including but not limited to:
  • Reviewing credit reports from major credit bureaus
  • Identifying inaccurate, outdated, or unverifiable items
  • Drafting and sending dispute letters
  • Providing guidance on credit-building strategies
  1. RIGHT TO CANCEL
    In accordance with the Credit Repair Organizations Act, the Client may cancel this Agreement without penalty or obligation within three (3) business days from the date signed. Cancellation must be submitted in writing.
  2. FEES & PAYMENT
    No fees shall be collected before services are rendered.
  • The Client agrees to pay [Insert Fee] upon completion of specified services.
  • Payment may be made by [Insert accepted forms—e.g. check, ACH, crypto].
  1. BONDING STATEMENT
    Pursuant to Indiana Code § 24-5-15, the Company has filed a $25,000 surety bond with the Indiana Attorney General’s Office. This bond is in place to protect consumers and may be claimed against in cases of fraud, misrepresentation, or breach of this Agreement.
  2. DISCLOSURES
  • The Company makes no guarantee regarding specific outcomes, credit scores, or removal of information.
  • The Client understands that results may vary based on their unique credit profile and cooperation.
  • This Agreement does not constitute legal or financial advice.
  1. LIMITATION OF LIABILITY
    The Company shall not be liable for any indirect, incidental, or consequential damages arising from this Agreement.
  2. ENTIRE AGREEMENT
    This document contains the entire agreement between the Company and the Client. Any amendments must be made in writing and signed by both parties.
  3. GOVERNING LAW
    This Agreement shall be governed by the laws of the State of Indiana.

Client Signature: _______________________________________________
Date: ___________________________________

Company Representative (Dru.LLC): ________________________________________________
Date: _______________________________________