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Washington Collection Agency Bond

  • Specialists in collection agency bonds
  • Excellent bonding rates in Washington
  • Easy online application
  • Bad credit program

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Washington Collection Agency Bonds Explained

Collection agencies in Washington, just like in most other states, have to undergo a licensing process that guarantees their legal compliance. As part of it, you need to provide a collection agency bond.

The bonding requirement is there to ensure that your collection agency business will adhere to all applicable state regulations. It functions as a safety mechanism that protects the state and your customers.

The bond works as a three-party contractual agreement, with your collection agency being the principal. The Washington Business Licensing Service at the state Department of Revenue is the obligee that requires you to get bonded, and the surety is the bond provider.

Questions about Collection Agency Bonds in Washington

Who needs to provide this 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.

How much does a Washington collection agency bond cost?

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.

Washington Collection Agency Bond Cost Based on Credit Score
Surety bond name Bond amount Credit Score
Above 700 Between 650-699 Between 600-649 Below 599
Washington collection agency bond $5,000 $100 $100-$125 $125-$250 $250-$500

* This table provides a ballpark estimate of potential bond costs. Bond pricing can fluctuate over time due to a number of factors. For exact pricing, please complete an application.

Can I get bonded with bad credit?

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.

How do I obtain this bond?

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.

What happens in case of a bond claim?

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.

Additional Resources

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About Us

Lance Surety Bonds
Lance Surety Bond Associates, Inc. is a Pennsylvania-based surety bond agency that offers bonding at competitive rates in all 50 states. Established in 2010, our company has grown to become one of the top online bond producers in the country. Working exclusively with A-rated and T-listed bonding companies gives us the confidence to offer a 100% money-back guarantee. read more

Still Have Questions? Check Our FAQ Pages

What Our Clients Have To Say?

Kimberlee Ables
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Andrew Poincot
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
Margie Martinez
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!

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