In America, having a good credit score is the same as having good health. If your credit score is bad, you won’t be able to buy that new car, the house with a greener lawn, the cool gadgets, and so on and so forth.
It goes without saying that most people will want to do everything they can to keep their credit score high. But what if you or your loved one is arrested, and you need to post bail? Could posting a bail bond affect your credit score in Texas?
How Getting Arrested Can Affect Your Credit Score
Here’s the thing: if you are arrested or in jail, it doesn’t impact your credit score. This information doesn’t get reported to credit agencies. But, if you post bail, there are ways your credit score could get hurt.
For law enforcement agencies, arresting people is costly. So, there are usually penalties attached to the conditions of the bail. In the case that certain payments are not made, the information regarding the arrest is sent to collection agencies and eventually gets reported to the credit bureau. This could really put a dent in your credit score.
Also, if you use a bail bond agent to get out of jail quick and don’t pay their fees, they could hire a collection agency or bounty hunter that could in turn ruin your credit score.
Lastly, if you used borrowed money (such a credit card or a loan) to post bail, the amount you owe will have negative consequences on your credit score—especially if you miss a payment. Late payments could not only lead to late fees, but lenders could report you to collection agencies and then your credit score could go from bad to worse very quickly.
Factors to Consider Before You Agree to Co-Sign for a Bail Bond
Does your credit score get affected if you co-sign for a bail bond? Yes, there’s a possibility that your credit score could get hurt if you co-sign for a bail bond.
Before co-signing for a bail bond, consider whether the defendant is a flight risk. If the defendant flees and misses their court date, the co-signer of the bail bond will be responsible for paying the bondsman the full bail amount. You may even need to put-up property as collateral.
Now imagine this: if you pay the bondsman with a credit card, and sadly you miss a few payments, the credit card company could put your account in default or file a lawsuit against you. Obviously, all of this could hurt your credit score.
The best thing to do when co-signing for a bail bond is to reduce your risk. If you are trying to get your loved one out of jail, ask them to do what is right. Get them to show up to their court dates on time. Also, hiring a bail bond agency could be beneficial—they could inform you about your risk and offer you many other services.
How PCS Bail Bonds Can Help
PCS Bail Bonds offers reliable bail bond services you can trust. We offer bail bonds in Texas, including Fort Worth and Tarrant County. We have 25+ years of experience in getting people out of jail and we can provide our clients with 10% lower bond fees. Plus, we offer payment plans.
If you have questions, don’t hesitate to contact us by phone at 817-335-1655, at our e-mail, visit in-person, or fill out our bail bond request form. Our experts are dedicated to helping you navigate the complexities of the justice system. We are always on call and ready to help you.