What You Must Know About Collection Agency Bonds

Collection Agency Bonds are a set of Surety Bonds. These bonds specify that you will abide by the rules and regulations stated in your professional license.

A bond claim means that you have omitted to follow the rules and regulations. Anyone can file a claim against your bond. The claim can be made only for the amount covered by the bond. They can file a claim against the bond for discrimination, fraud, theft, manipulation of fees for personal benefit, misuse of the fund, etc. If your bond is active, anyone can make a claim against it.

You are responsible for handling a bond claim. If you fail to take care of it, the surety agency will handle the matter by investigating into claim’s validity. If the claim is deemed invalid, you will be liable for the expenses incurred by the agency during the investigation. If it is declared valid, you will be obligated to compensate the claimant. The process comes to an end as soon as you pay damages to the claimant. If you refuse to compensate the claimant, the surety agency will step in and handle it. The surety agency will pursue you to reimburse them for the compensation and any additional costs.

The cost of Collection Agency Bonds online differs from state to state. You don’t need to pay the entire sum to get bonded. You will have to pay anywhere between 1-15% percent of the total bond amount. Your credit scores determine the rates you will pay to get bonded.

It’s time you apply for Collection Agency Bonds online. At Suretegrity, we allow you to request for them in three simple steps. Our bonding process is cost-effective. Visit us to get your first Surety Bond.