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Does Posting Bail Affect Your Credit Report?
When you decide to post bail for someone, there are numerous considerations regarding this financial obligation. One concern people have is whether signing bail for someone will affect their credit score.
Does posting bail affect your credit? The answer to this question is it is not true that co-signing a bail bond will damage your credit. A bail bond does not affect your credit score at all. However, some bail bond companies will run a credit check when you apply for a bail bond to determine if you are a qualified co-signer. However, let's delve a little deeper into the topic of bail bonds and credit scores.
How Is Bail Decided?
If an individual has committed a serious crime, they will have to wait on the judge to decide their bail amount. If the defendant is charged with less serious infractions, there may be a set bail.
In some cases, a defendant may be released on his or her own recognizance, meaning they simply sign a promise to show up for their court date. In this case, the defendant will not be required to pay any bail money.
Does Paying Someone's Bail Affect Your Credit Score?
Do bail bonds go on your credit report? While paying someone's entire bail or co-signing a bail bond will not immediately affect your credit score, there are some things you need to keep in mind.
There is a scenario that could affect your credit score, though it is an indirect effect. Let's say you don't have the cash to put up for a friend or loved one.
You decide to use your credit card, or get a personal installment loan to pay the bond. Now, let's say you stop making your credit card payments (because normal credit card interest is extremely high). Failure to make the payments would result in a ding to your credit score and being turned over to a collection agency.
Another way posting bond could affect credit is if you put up a house as collateral. If the defendant skips trial and the house is seized, this could lead to you being forced to file bankruptcy.
Will posting bail hurt your credit score? While making payments will not directly influence your credit, it is important to ensure you know the defendant will show up for court before signing because issues could arise that lead to negative credit reporting.
What Happens if You Do Not Have the Cash or Property?
If a defendant does not have the money to put up, they have the option of hiring a bonding agency. Bail bonds require a person to pay a certain percentage of the bond amount. This percentage is controlled at the state level.
Most bail bond companies also require bail bond fees. A bail bond agency's fee amount will vary based on the company and its policies. Bail bond companies offer different rates and fee amounts, and some may offer payment options. Ask your bondsman if they will permit payments if you don't have the cash to pay it all at once.
You need to know the percentage you pay to the bondsman is non-refundable. You need to keep this in mind when co-signing with bail bond companies.
What Should You Consider Before Co-Signing Bail Bonds?
Co-signing is a huge financial responsibility. Consider the following before deciding to co-sign a bond.
- Has the person failed to appear before court before?
- Is the person reliable?
- Does the person have money in their bank account?
- Does the defendant have a job? Can they repay the loan?
- Does the individual have previous arrest records?
- Is the crime serious?
What Are Your Responsibilities When Co-Signing a Bail Bond?
What happens if the defendant decides to run after you have co-signed on a bail bond? Will the bail bond affect your credit reports? Should this happen and the defendant cannot be found, you will be held responsible for reimbursing the bail bondsman with the entire amount.
There is something you can do to protect your bond money. If you learn the defendant is planning on skipping court, inform the bail bond agency as soon as possible.
Informing the bondsman will also alert the authorities. A warrant will be issued, and the defendant will be arrested and brought back to jail to stand trial.
If you have been deemed a reliable co signer, we highly recommend you consider all factors before signing. If you are not 100% sure the defendant will abide by the terms of their release and show up for all court dates, don't sign the bond!
Get the Help and Guidance You Need
Deciding on whether to co-sign a bond is a big decision that should not be taken lightly. As a professional bail bond agency, we understand your confusion and want to help. Contact us right away to get answers to your questions and the guidance you need.
