Collection Agency Bonds

Annual premium amounts are determined based on owner personal credit. Owners with stellar credit may be eligible for standard market rates, which range from 1% to 3% of the bond amount.

If the owner has a low credit score, or past due items on their credit report, annual premium typically ranges between 5% to 15% of the bond amount. For most states, our high risk rate does not exceed 7.5%.

For more information on bonding costs, visit our page on Bond Prices.

The first step is to apply for a free quote. Once you’ve been approved, your agent will provide you with the bond premium due, along with an agreement with the surety. Once you’ve paid for your bond, and provided a signed copy of the indemnity agreement, your Collection Agency Bond will be mailed out to you. To learn more about the bonding process, visit our page on How To Get Bonded.

Yes. While many sureties only offer quotes to customers with stellar credit, Lance Surety has a variety of collection agency bond programs that allows us to approve over 99% of applicants instantly through our online application. Your annual premium will depend on your individual credit profile, but we’re able to offer very aggressive rates.

First, you’ll want to contact the specific state department that oversees collection agencies about your desire to conduct business in that state. Some state’s offer checklists online, which can be very helpful.

In addition to submitting an application to be become registered or licensed, most states require a surety bond be posted to guarantee compliance with their collection regulations. Getting bonded with Lance Surety is simple. You can get approved in just minutes by completing our online application. Once your bond has been issued, you’ll submit a signed copy of the original bond to the state to be filed with your license.

No. You'll need to post a separate bond for each state that you will be conducting business in. Each state has their own bond requirements, and therefore you'll need to make sure to comply with each state's respective bond regulations.