Collection Agency Bonds guaranteee compliance with state insurance code or statue and the Fair Credit Reporting Act for this type of business and the proper remittance of funds collected by the Principal on behalf of any customers. Ensures an agency fulfills it contract in an ethical manner. It also guarantees those funds are routed to the company with the debt outstanding (less than agreed-upon collection fees, which can total as much as 30%). The bond penalties are usually around $5,000. States typically collect a small fee to process the bond and record it.
We have put together this list of most requested Surety Bonds to help you navigate our site quickly. If you do not find the bond you're looking for do not hesistate to call us directly or request a call back. We will be more than happy to answer any questions you may have!