{"id":317,"date":"2018-10-10T10:44:37","date_gmt":"2018-10-10T10:44:37","guid":{"rendered":"https:\/\/www.suretegrity.com\/blog\/?p=317"},"modified":"2018-10-12T10:45:51","modified_gmt":"2018-10-12T10:45:51","slug":"why-we-need-collection-agency-bonds","status":"publish","type":"post","link":"https:\/\/www.suretegrity.com\/blog\/why-we-need-collection-agency-bonds\/","title":{"rendered":"Why We Need Collection Agency Bonds"},"content":{"rendered":"
Also known as debt collector bonds, collection agency bonds are required of a collection agency before they can be issued a license. It is a type of surety bond that protects consumers from unethical actions of a collections agency.<\/p>\n
Why do we need a Collection Agency Bond?<\/strong><\/p>\n
For credibility:<\/strong> Collection agencies arehigh-risk companies because they deal with sensitive information, like people\u2019s financial details. A bond ensures that collection agencies will act responsibly with such confidential data.<\/p>\n
To protect the public\u2019s confidential information:<\/strong>If a Collection agency were to get hacked and important information leaked, it could cause great damage to many people. These bonds hold the agency accountable if information were to be misused.<\/p>\n
To ensure ethical practices:<\/strong> The State requires collection bonds to ensure that agencies practice ethically and professionally in their day-to-day operations.<\/p>\n