Washington Credit Services Organization Bond

A Washington Credit Services Organization Bond is a type of surety bond required by the Washington State Department of Licensing for businesses that offer credit repair or improvement services to consumers. The bond amount is $10,000 and the cost of the bond is usually between 1% and 3% of the bond amount, subject to a minimum premium and fees of $150.

How to Get a Washington Credit Services Organization Bond

At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:

1. Complete the easy to navigate and secure online application. One Application for all states. ¹
2. Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
3. Sign some paperwork and pay the bond premium

Once these steps have been completed, the Washington Credit Services Organization Bond will be shipped to the bond applicant.
^{1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.} 

Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003. Visit our State by State Guide of Bond Requirements for Credit Services / Credit Repair Businesses

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Who Needs This Surety Bond?

If you are located outside of Washington but have customers in Washington, you likely still need to comply with Washington’s licensing and bonding requirements for credit services organizations.

According to Washington State law (RCW 19.134.010), a “Credit Services Organization” is defined as:

• Any person who sells, provides, performs, or represents that the person can or will sell, provide, or perform any of the following services:
  • Improving, saving, or preserving a consumer’s credit record, history, or rating
  • Obtaining an extension of credit for a consumer
  • Stopping, preventing, or delaying the foreclosure of a deed of trust, mortgage, or other security agreement

Important Exclusions:

• Certain financial institutions like banks, savings banks, and credit unions are generally excluded.
• Nonprofit organizations exempt from federal taxation are also typically excluded.

Disclaimer: This information is for general knowledge and guidance only and does not constitute legal advice. For specific questions or guidance related to your business, consult with a qualified legal or financial professional.

How do I Get a Washington Credit Services Organization license?

To obtain a Washington Credit Services Organization license, you’ll generally need to follow these steps:

1. Meet the Requirements:
   • Business Registration: Register your business with the Washington Secretary of State.
   • Obtain a Business License: Obtain a business license from the Washington Department of Revenue, Business Licensing Services.
   • Surety Bond: Obtain the required $10,000 Washington Credit Services Organization Bond. (Click Here to Apply) 
   • Complete the Application: Complete the necessary application forms for the Washington State Department of Licensing.
2. Gather Required Documentation:
   • Business Information: Provide details about your business, including its structure, ownership, and location.
   • Financial Information: Submit financial statements or other relevant financial information.
   • Background Checks: Submit background checks for all owners, officers, and key employees.
   • Other Supporting Documents: Submit any other documentation required by the licensing agency.
3. Submit Application and Pay Fees: Submit the completed application, all required documentation, and the applicable licensing fees to the Washington State Department of Licensing.
4. Await Approval: The licensing agency will review your application and conduct any necessary investigations.
5. Receive License: If your application is approved, you will receive your Washington Credit Services Organization license.

Important Notes:

Consult with the Licensing Agency: Contact the Washington State Department of Licensing directly for the most up-to-date information, application forms, and specific requirements.

The information provided above is for general informational purposes only and does not constitute legal advice.  Do not rely solely on the information presented here as a substitute for professional legal counsel.