Overview of Oregon Collection Agency Bond Requirements

To become registered as a collection agency in the state of Oregon, individuals and companies need to post a $10,000 collection agency bond through the Nationwide Multistate Licensing System (NMLS).

This bond is a registration requirement mandated by Chapter 697 of the ORS. Its purpose is to guarantee that registered collectors comply with the provisions of the chapter that apply to them. In particular, it offers legal recourse to persons who are “aggrieved by the misconduct of a registrant”.

If a collector gives rise to a bond claim because of dishonesty, misrepresentation, fraud or something else, a claim can be made against their bond. When a legitimate claim is made, the surety that backs the bond will typically extend compensation to claimants to cover their losses. Such compensation can be as high as the full amount of the bond, also known as its penal sum.

Not sure how surety bonds work or why you need one? Our ‘What is a surety bond’ guide offers a detailed explanation!

Start your surety bond application today! Why us?
  • Quick turnaround - just 1-2 business days
  • Tailor-made advice on building a strong application
  • Exclusive bad credit programs

If you have any questions regarding this surety bond, call us at (866)-450-3412 to speak to our bond experts!

Cost of Your OR Collection Agency Bond

To get an Oregon collection agency bond, you have to pay a surety bond premium. Your premium is determined by the surety after it reviews your personal credit score. The surety may also take into account your financial statements, your industry experience and other factors when deciding on the rate to offer you.

Applicants’ credit score has the highest effect on their bond rate. Those with the highest score - 700 FICO or more - can expect to get bonded at the lowest rates.

Try our bond calculator or see the table below for an estimate of your bond cost. Alternatively, you can request an exact and free quote on your bond by completing our bond form.

Bond Cost Based on Credit Score
Surety bond amount Above 700 Between 650-699 Between 600-649 Below 599
Oregon Collection Agency Bond $10,000 $100-$150 $100-$250 $250-$500 $500-$1,000

Bad Credit Bond Program

With us, getting bonded is not limited to applicants who have high credit scores!

If your credit score is currently low, you can apply for our bond through our Bad Credit Program. Applicants with lower scores are required to pay higher rates, because sureties perceive a higher risk in issuing bonds for such applicants. Yet, rates are determined on a case-by-case basis, and sureties carefully examine applications to offer a fair rate!

Moreover, if you improve your credit score, you are sure to get a better rate already with your next bond application!

Request a quote and learn more about getting a bond with low credit through the program page!

Claims Against Your Bond

ORS chapter §697.031 states that individuals or companies who want to get a collection agency registration in Oregon, need to obtain a surety bond. Under the provisions of the chapter, the bond is intended to provide coverage to any person aggrieved by the actions of a collection agency.

Such actions could include not reporting or transferring funds to person on behalf of which the agency performs collections. Other actions that could constitute violations include not paying any money that is due to the state under the provisions of the chapter.

When action is brought against an agency’s bond, the surety that backs the bond must compensate claimants for any losses in an adequate amount. This amount can potentially be as much as the full bond coverage that’s available which is $10,000 for this bond. If and when a surety extends compensation, the bonded collection agency is required to reimburse the surety in full. In other words, the ultimate liability lies with the collection agency, whereas the surety is only there to vouch for the agency and provide coverage to claimants up to the penal sum of the bond but not to assume its liability.

Apply for Your Bond Here!

Want to get started with your application or simply request a quote? Complete our bond form and we will contact you shortly with a precise and free quote on your bond. We will also provide you with further information about completing your application.

Once your bond is issued by the surety, which may take up to two working days, we will send it to you via mail as well as provide you with a digital copy.

Not ready to apply? Then simply get a free no-obligations quote, so you can see our low prices!

You can call us anytime at (866)-450-3412 to request more information about getting bonded in Oregon and receive assistance by our experts!


About the author:
Todd Bryant
Todd Bryant is a graduate of Germantown Academy and the University of Pittsburgh College of Business Administration Honors College. He has been President of Bryant Surety Bonds, Inc., an A+ rated Business with the Better Business Bureau, since 2007. Licensed as a producer with the Department of Insurance, he has been published in the National Association of Surety Bond Producers newsletter and on numerous authoritative publications such as The Washington Post, Entrepreneur.com, Azcentral.com and many more.