Credit Report for Florida Contractors

Florida Law requires all construction contractor applicants to establish that they are both financially responsible and financially stable prior to issuance of their licenses.

Credit Report

You must submit a personal credit report and a credit report for the business you intend to qualify for. The credit report must be from a nationally recognized credit reporting agency and indicate that all records have been searched on a federal, state and local level. The credit report must not show any unsatisfied liens or judgments against the applicant or the applicant’s company. Your personal credit report must also include the credit score and must indicate that the credit score is a FICO or Beacon score.

Licensing Bonds and Letters of Credit

If you do not have a 660 credit score at the time of application, you may still establish financial responsibility by obtaining a licensing bond or letter of credit. The amount of the bond or letter of the credit depends on the type of license sought: $20,000 for Division I contractors or $10,000 for Division II contractors. These amounts may be reduced to $10,000 for Division I contractors and $5,000 for Division II contractors by completing a board-approved financial responsibility course.

Obtaining a Licensing Bond

You may obtain a licensing bond by contacting your local insurance agents.

Obtaining a Letter of Credit

You may contact the banks or lending institutions to obtain a letter of credit. The letter of credit must be payable to the Construction Industry Licensing Board for fines and costs.

Taking the 14-hour Financial Responsibility Course

This online course provides construction industry professionals with financial management training in compliance with Florida. Florida contractor licensing applicants with a credit score of less than 660 can complete this course on their own schedule and from the comfort of their own home, even on a smartphone. These are a few companies that offer 14-hour financial responsibility course

    1. AAA Construction School
    2. Contractors Institute
    3. 1 Exam Prep School
    4. Gold Coast School
    5. API Processing School

Credit Reporting Agency's

Personal credit reports must contain a FICO derived credit score to meet application requirements. It is the applicant’s responsibility to ensure the credit reporting agency includes the FICO derived score on the credit report submitted to DBPR. For more information click here.