Washington Collection Agency Bond

Obtaining a Washington collection agency license entails providing a $5,000 surety bond. It has to be posted to the Washington Business Licensing Service as part of your licensing procedure. The bond guarantees you will comply with Chapter 19.16, Title 19 of the Washington State Legislature.

The surety bond amount that you have to provide as a Washington collection agency is $5,000. Your bond premium, however, is only a fraction of this amount that depends on your personal and business finances.

Your surety provider examines the strength of your finances in order to determine your exact surety bond cost. The most important factors that shape it include your personal credit score, business finances, as well as any fixed or assets you may have. This is how your bonding risk is calculated. You will get a lower bond cost if your overall profile is strong.

In short, yes you can, but it is more difficult to get a collection agency bond if your finances are problematic. You can use Lance Surety Bonds' Bad Credit Surety Bonds program if you are facing issues such as low credit scores, tax liens, bankruptcies, and civil judgments.

You can expect bad credit bonding rates in the range of 5%-10%. This is a necessary bump due to the increased bonding risk. Because of our collaborations with the top A-rated, T-listed surety companies, you can still get an excellent bonding option with us.

To get a Washington collection agency bond, you can follow these steps:

1. Complete the online application form (it takes 5min)

2. We will send you a free, no-obligation quote

3. You can then buy the bond online

4. You will receive a digital and a hard copy of the bond

Interested in delving into the details of the bonding process? You can explore the in-depth How to Get Bonded page.

If you have questions or need help with your application, Lance Surety Bonds' specialists can help. You can reach us at (877) 514-5146.

You can receive a claim against your Washington collection agency bond if you fail to follow state laws. If a party suffers damages due to your unlawful actions, they can seek reimbursement to cover any damages. The maximum sum they can demand is the bond amount, which is $5,000.

On proven claims, you have to cover the costs to compensate the claimant. While the surety may at first pay them, you are fully liable to repay it afterwards. This means it is best to avoid any bond claims, as they can seriously hurt your collection agency.