Washington Credit Service Organization Surety Bonds

What is a Washington Credit Service Organization Surety Bond?

In the state of Washington, a credit services organization (CSO) is anyone who sells, provides or performs any of the following services in return for payment or other valuable consideration:

  • Improving, saving or preserving a buyer’s credit record, history or rating
  • Obtaining an extension of credit for a buyer
  • Stopping, preventing or delaying the foreclosure of a deed of trust, mortgage or other security agreement
  • Providing advice or assistance to a buyer with regard to the above items

Per the Washington Credit Services Organizations Act, if the CSO receives payment prior to full completion of the services agreed to with the buyer, a surety bond in the amount of $10,000 must be obtained as security.

How does a Washington Credit Service Organization Surety Bond work?

Washington Credit Service Organization Surety Bonds guarantee that the CSO complies with all regulations in the Washington Credit Services Organizations Act and protects consumers who are damaged by the unlawful actions of the CSO. If the CSO does not comply with these terms, a claim can be filed with the surety company. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. The CSO is then required to reimburse the surety for all monies paid out, including any attorney fees incurred.

How do I get a Washington Credit Repair Service Surety Bond?

The first step is to complete our quick online application for your free bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing.

After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.

How much does a Washington Credit Service Organization Surety Bond Cost?

Washington Credit Service Organization Surety Bonds are subject to underwriting and the price you will pay depends on a review of your personal credit report. Pacific Surety is proud to offer a variety of approvals, regardless of credit, with rates starting at $100 annually for well-qualified applicants. It typically takes just a few hours from quote to issuance of the bond, and we have the ability to beat any competitors pricing. If you have any specific questions, feel free to contact our knowledgeable underwriting staff.

Additional Resources

 

Surety Bond Name

Bond Limit

Credit Service Organization Surety Bonds – Washington