Will My Credit Score Be Affected if I Bail My Friend Out of Jail?

Posted on May 20, 2020 by bailbondshamiltoncounty

There is a higher awareness for financial protection and planning these days, considering all the new and innovative technologies available at our grasp. So, when you are faced with the decision of bailing a friend out of jail, you might have questions about the potential liability you take on in doing so, especially when it comes to your credit scores.

If you were recently asked to post a friend’s bail, be sure you understand the seriousness of a bail bond agreement, the risk you take on, and how it might affect your credit. Continue reading to learn these facts and more.

Bail Bond Agreements

Bail bond agreements are legally-binding contracts. You must sign one in order to purchase bail bond services and get your friend out of jail using a bail bond. Upon signing a bail bond agreement, you instantly take on all liability and responsibility for ensuring your friend appears for their scheduled court hearing. If your friend does not show up for their court date, you are legally obligated to pay back the entire bail premium in full to the bail bond company. The bail premium is the amount of money set by the judge following your friend’s arrest. In most cases, this premium is in the thousands or tens of thousands of dollars. This means you do not want to be legally responsible for paying this back.

Accordingly, you must ask yourself whether or not you are willing to take on such liability on their behalf. If they have a habitual criminal history, or a history of not showing up for court, you may want to rethink signing a bail bond contract for their release from jail. On the other hand, if you are 100% sure that your friend is trustworthy, and you know they will show up for court, you can feel comfortable moving forward with signing the agreement.

So long as your friend appears for court, you are off the hook for the bail premium. However, keep in mind that the fee you pay the bail bondsman is non-refundable, so be sure to have your friend pay you back when they get out of jail! Do you have questions about bail bond fees? See our blog, “FAQS About Bail Bond Prices” to learn how fees are calculated.

Bail Bonds and Credit Scores

The only way your credit score can be affected in anyway as a result of bailing a friend out of jail using a bail bond service is if you purchase the bail bond on credit, and then fail to pay if off. However, most bail bond companies do not accept credit, and only allow payments in cash, or sometimes collateral, such as property.

How to Get Started With Noblesville Bail Bond Services

Call Uptown Bail Bonds at 317-919-2489 for fast and friendly bail bond services in Hamilton County, Indiana. Not only is our office conveniently located right next to the courthouse, we are the CLOSEST bail bondsmen to the courthouse. Best of all, we offer 24 hour bail bonds, county and state bonding, free jail and inmate information, and we serve several other cities in Indiana; including Boone County, Madison County, Marion County, and more.

Can I Get Bonded Out of Jail if I Have Bad Credit?

Posted on May 19, 2017 by bailbondshamiltoncounty

Noblesville Bail Bondsman 317-919-2489

Many people worry that they cannot get bonded out of jail if they have bad credit. Likewise, many others wonder if bailing a friend out of a jail will affect their credit score in any way. If you are one of these people, there are two facts you should know right now: 1) you can post bond with bad credit, and 2) you are in the right place if you need to obtain a release from jail, whether for a friend or for your own arrest warrant. In the meantime, continue reading to learn more about bonds and credit scores.

Bad Credit Scores

When you are asking about your credit score, it is important to know that there are several different credit scoring models, and they use different scoring scales. If you are checking your credit, be sure to use a qualified and reputable company that can provide an accurate FICO score. In general terms, a FICO score below 600 is considered bad credit. Furthermore, scores between 600 and 649 are poor, scores between 650 and 699 are fair, scores between 700 and 749 are good, and anything score above 750 is considered excellent.

Bail and Credit

If your FICO score is below 650, it is considered a bad credit score, or non-standard, in the surety industry. However, with a bad credit score, you can still apply and be approved for a bail bond, but you will likely have to pay more. However, if you have a credit score above 650, but have certain implications on your credit report, such as significant tax liens or civil judgements against you, you may be considered a high-risk client. In this case, a bail bondsman may refuse to provide their services, or they will have to charge more.

Bad Credit and the Cost of Bail

Generally, if a person has bad credit, they can expect to pay more for bail bonds. The price for bail bonds is regulated by the state insurance department, which remains between 10 and 15 percent. If a person has bad credit, a bail bond company may choose to charge on the higher end, around 15%, rather than the standard ten percent.

Hamilton County Bail Bonds

Hamilton County Bail Bonds 317-919-2489

Call Uptown Bail Bonds at 317-919-2489 for fast and friendly bail bond services in Hamilton County, Indiana. We offer 24 hour bail bonds, county and state bonding, free jail and inmate information, and we serve several other cities in Indiana; including Boone County, Madison County, Marion County, and more.

Will Posting Bail Hurt My Credit Score?

Posted on July 25, 2016 by bailbondshamiltoncounty

When a person is arrested on moderate to serious criminal charges, it can take some time for a judge to set their bail. But in most states, minor infractions and misdemeanors generally have set bail amounts that are automatically assigned depending on the charges. This allows a person to post bail within hours of being arrested. Once they are processed into the jail’s database, it is time for them to make that dreaded phone call that no one wants to make or get: the call to get bailed out of jail.

Whether a person is having a loved one co-sign for their bail bond, paying the entire bond amount, or posting their own bail, they always have questions. And one of the most common questions has to do with credit scores. Almost everyone wants to know if posting bail will negatively affect their credit score. Continue reading to learn the facts.

Bail Bonds and Credit Scores

Co-signing for a bail bond, or posting bail in general, will not negatively affect a person’s credit score. It simply cannot. However, the means by which you pay for posting bail can. For instance, if you max out a credit card to pay the entire bond amount for a release from jail, and then your payments are delinquent, it will impact your credit score. Also, if you put up collateral (such as your house) and then violate the bond agreement, you could risk losing your asset and be forced to file for bankruptcy.

Most often, a person’s credit score is affected by bail bonds when they are unable to pay the bail bond agency and then sent to collections. If you are worried about your credit score, but need to bail a loved one out of jail, talk to a trusted bail bond company in the same county. They will educate you on the truth about bail bonds and credit scores, and perhaps work with your budget to obtain a safe and secure release from jail.

Hamilton County Bail Bonds

Hamilton County Bail Bonds 317-919-2489

Call Uptown Bail Bonds at 317-919-2489 for prompt and professional bail bond services in Hamilton County, Indiana. We are friendly, compassionate, and experienced Indianapolis bail bondsmen that can get you out of Hamilton County Jail at a moments’ notice. That’s because we offer emergency bail bonds 24 hours a day and 7 days a week. Call 317-919-2489 when you need Hamilton County bail bonds, fast.