Do Bail Bonds Go on Your Credit Report?
Are you struggling to bail out your loved one due to financial constraints? Bail bonds help you reconnect with them as you await a court hearing. Whether you co-sign with the defendant or take complete responsibility to make payments, bail bond proceedings do not automatically reflect on your credit report.
At Woodard Bonding Company, we offer bond services to speed up your bailing process. Our bail bonds typically do not have an impact on your credit score, unless you default.
Here are the instances in which bail bonds could go on your credit report:
Late or Missed Payments of Your Bail Bonds
Missed and delayed fees are forwarded to debt collectors by your bondsman. This can lead to negative records in your credit report as the collectors disclose your inability to meet your payment obligations. To avoid this, pay your dues on time and make sure you have enough money to clear the bond fees.
If you’re using a credit card and miss your payment, your creditor flags your account as a defaulter, lowering your creditworthiness. Talk with your credit issuer to set your card for autopay (automatic payments) to the bond agent after the agreed time intervals. This requires timely payments of the bail dues, leading to positive reviews in your credit report. At Woodard Bonding Company, we inform you of such risks and help you confidently reunite with your loved ones.
Fleeing of the Defendant
If you co-signed to clear the bail fees with the defendant and they flee, you’re liable for failed payments. This is reflected in your credit report as a defaulter.
When you co-sign, you assure the bond agent that you take responsibility for clearing the dues in case the accused fails. Talk to your loved ones and ask them to cooperate in clearing the charges for a smooth release process.
You should consider working with bail bond professionals if you’re unsure of the reliability of the accused. At Woodard Bonding Company, we inform you of the risks of co-signing with a defendant by running a background check. Our team is focused on helping you bail out your loved ones without zero complications.
Exceeding Your Credit Limit
Spending beyond your credit card limit to clear the bail increases your credit-to-income ratio, affecting your credit rating. Your credit company marks your report as high risk. This affects the amount of money your creditor is willing to lend you in the future.
Evaluate your credit card limit before committing to clear the bail fees. If the limit is lower than the expected amount, consider paying the extra amount from your pocket. This helps you maintain a low debt-to-income ratio, increasing your credit rating. Our bonds agent at Woodard Bonding Company help you have a smooth bailing process by being available 24/7 to respond to your concerns.
Reconnect With Your Loved-ones Without Affecting Your Credit
You can speed up reconnecting with your friends/family by using surety bonds. They help release the accused on bail as you await their court hearing.
At Woodard Bonding Company, we have licensed bondsmen who walk you through the bond bailing process. They enlighten you on the requirements for bail bonds and the risks that can affect your credit- missed payment, exceeded credit limit, and unreliable defendant. Contact us today to find out more.