Collection agency and debt collector bonds are a type of license and permit bonds that are needed by law to be able to engross in business as a collection agency.
These business bonds lend credence and dependability to the bonded agency.
Most bonding companies are not familiar with the statutes and filings unique to collection agency bonds.
In order to protect the clients, this license and permit bond should have the proper surety bond
Collection agencies in many states Buy Collection Agency Bonds Online in order to receive their license to collect money in that state.
The bond assures that the company has been approved by the state to offer ethical and lawful services. This bond also gives the client a plan of action should the collection agency do anything illegal or unethical that adversely affects the respective client.
Collection agency bonds are allotted on a state by state basis, so an organization that wants to do business in many states will need a bond for each state they trade in. Collection agency bonds are renewed every year.
State governments require to collect agency bonds or consumer protection bonds to provide a form of protection to the citizens of the state, and also to the clients of collection agencies.
The bonds exist to ensure that collection agencies follow industry norms while collecting money, and to guarantee that they send the money to the company that hired them to collect outstanding debt.
Many states require bonds to be written for about $10,000, when you Buy Collection Agency Bonds Online, although some state municipalities may require a higher bonding amount.
When you Buy Collection Agency Bonds Online, clients with good credit records can receive good premium, in the range of 1% to 3%, and those with bad credit will have to pay a higher amount.
Collection agency bonds are generally easy and quick to acquire and to process. Most bond requests can be completed with just a surety bond application and a credit record check.
Depending on the required bond amount, there can be additional requirements thereafter.
If you want to run your agency for collections, then you need to get prior approval for a collection agency bond. Suretegrity provides you with the guidance you need to get rightly bonded.
Our quotes are usually available the same day or within 24 hours after you file you online application. Contact for a free consultation now.
