Bad credit? Save money on your surety bond

Transcript: Bad Credit Bonds: Money Saving Tips

Woman: My credit is pretty beat up as of recent. Is there anything I can do to lower my bond costs?

JW: Fortunately, there is. I'm going to give you my top money saving tips.

Woman: Finally...someone willing to work with me on my bond costs, thank you!

JW: You bet! Let's jump right in. Tip #1: Consider paying off any unpaid collections, tax liens, and civil judgments. You are considered a better risk if they're paid. The savings on your bond could be large enough to take care of the credit blemish and put money in your pocket. However, you should know, it likely won't lower the rate if you filed bankruptcy as of recent.

Woman: Great tip! I'll ask my agent how paying off some of my collections will affect my rate.

JW: Tip #2: Be sure to only apply with surety professionals that do "soft" credit pulls. We do "soft" credit pulls exclusively at JW, as they do not count as a credit inquiry and do not lower your score further. Some agencies will do a credit pull of their own, then blast your application out to several bonding companies that do credit pulls of their own, making for numerous inquiries.

Woman: Oh boy, I applied with some agency online before I found JW. I better call them and make sure they don't do "hard" credit pulls. I don't need my score to go any lower.

JW: Good thinking. Tip #3: Choosing the right agency is crucial not only for customer service, but for your rate. Many agencies broker their business, which can result in numerous agencies' involvement, with possible fees tacked on by each of them. JW not only underwrites bonds in-house, but also has specialty programs set up with the bonding companies. When other agencies need to access the programs, they broker it through JW. So skip their additional costs and apply direct with JW.

Woman: Is there anything else you can tell me?

JW: If your bond is required by a court, you"ll want to get an attorney involved, as you may not be able to get approved without one due to your credit.

Woman: My bond is for my auto dealership, can an attorney lower my rate?

JW: No, but the other tips I listed above could save you 50% or more.

Woman: Good enough for me! Thanks for everything.

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