Surety Bond Rates

1. Clean up your Personal Credit

There are countless credit repair organizations throughout the nation that specialize in helping you clean up your credit profile. The three major credit reporting agencies that sureties typically look when underwriting a policy are TransUnion, Experian and Equifax. The three different agencies are not always on the same page. If you have paid off previous unpaid collections, it may show up on TransUnion, but may still be showing as unpaid on another report. If you have a history of delinquent items on your credit reports, working with a credit repair company may be something worth considering.

2. Demonstrate your Experience

While many license bonds can be underwritten based solely on owner personal credit, that clearly does not paint the entire picture of you as an applicant. If you have relevant industry experience, you may want to consider providing a professional resume demonstrating that you have the knowledge and experience necessary to succeed. Having applicable experience can improve your chances of being offered a lower rate for your bond

3. Show your Financial Strength

In addition to showing off your industry experience, you can further strengthen your application by demonstrating a strong net worth. You want to be able to demonstrate to the surety underwriter that you have the capital to successfully operate your business in good times and in bad. The following are items to consider providing during the application process:

• Cash-on-Hand
• Investments
• Personal Assets (i.e. Real Estate)
• Personal Financials
• Business Financial Statements

Try Our Surety Bond Cost Calculator

Simply enter your bond type, bond amount and credit score below and you'll receive an instant ballpark estimate on your premium!