Credit Services Business


Credit services business means any person who, with respect to the extension of credit by others, sells, provides, or performs, or represents that such person can or will sell, provide, or perform any of the following services in return for the payment of money or other valuable consideration:

  • Improving a consumer’s credit record, history, or rating;
  • Obtaining an extension of credit for a consumer; or
  • Providing advice or assistance to a consumer with regard to either of these.


Any business engaging in Credit Service Business as defined in TCA 47-18-1001 et seq. must register with the Division of Regulatory Boards, and post a bond of $100,000 dollars with the Department of Commerce and Insurance to be filed along with registration in the Division of Regulatory Boards. (The bond can be made through a deposit of cash, a certificate of deposit, securities, or with a bond issued by a corporate surety acceptable to the Commissioner.)

Additionally a copy of the current client contract should be provided for the Division of Regulatory Boards file.