Collection Agency Bond or Debt Collectors Bond guarantees that monies collected will be properly dispersed to clients and accounted for.
Anyone who is operating a collection agency in Washington, or is in the business of collecting or receiving payment for others of any account, bill, or other indebtedness, must be licensed to conduct business.
This includes soliciting, collecting, or attempts to collect debts for another (3rd party), the purchasing of late or debts that are "charged off" for collection purposes (whether the business is collecting the debts itself, or has hired another entity to collect the debts).
Collection agencies must complete the State of Washington Department of license application and must have a net worth or equity of at least $7,500 and $5,000 in a bank account for business operations.
Out-of-state, in-state and resident collection agencies are required to have a $5,000 surety bond.
Licenses and bonds must be renewed annually.
How Much Will This Bond Cost?
The premium that you pay for a Washington Collection Agency Bond is dependent on credit.
You can Apply online or contact our Surety Bond Specialists today at:
Hours: 8:00-5:00 CST, Monday through Friday