{"id":363,"date":"2019-08-21T10:40:48","date_gmt":"2019-08-21T10:40:48","guid":{"rendered":"https:\/\/www.suretegrity.com\/blog\/?p=363"},"modified":"2019-08-21T10:40:48","modified_gmt":"2019-08-21T10:40:48","slug":"purpose-collection-agency-bond-2","status":"publish","type":"post","link":"https:\/\/www.suretegrity.com\/blog\/purpose-collection-agency-bond-2\/","title":{"rendered":"What is the Purpose of Having a Collection Agency Bond?"},"content":{"rendered":"<p style=\"text-align: justify;\">The primary job of a collection agency is to collect debts and manage important personal information about people and their financial records. Since the job of a collection agency involves high risk, having a surety bond as a guarantee becomes a necessity for all collection agencies. This surety bond, which is also known as <a href=\"https:\/\/www.suretegrity.com\/bond-type\/Collection-Agency\"><strong>Collection Agency Bond<\/strong><\/a> is there to enhance the trustworthiness and reliability of the agency being hired to manage a customer\u2019s debt.<\/p>\n<p style=\"text-align: justify;\">In the U.S., most states require collection agencies to have a collection agency bond before they are issued a license to operate in that state. The primary role of these collection agencies is to collect outstanding debts and forward the amount to the company that hired them. A collection agency bond covers 3 parties including the principal, which is the collection agent or agency that purchases the bond; the Obligee, which is the government agency that requires the bond to be filled; and the surety, which is the insurance company that issues the bond to the principal or the collection agency.<\/p>\n<p style=\"text-align: justify;\">If a collection agency indulges in the misappropriation of funds, the Obligee has the right to ask for a reimbursement by filing a claim against collection agency\u2019s surety bond. If the claim is proved valid, the Surety will be required to pay the full amount of the reimbursement up o the face value of the bond. The Surety will then ask for reimbursement from the collection agency.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The primary job of a collection agency is to collect debts and manage important personal information about people and their financial records. Since the job of a collection agency involves high risk, having a surety bond as a guarantee becomes a necessity for all collection agencies. This surety bond, which is also known as Collection [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[12],"class_list":["post-363","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-collection-agency-bond"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is the Purpose of Having a Collection Agency Bond? - Suretegrity<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.suretegrity.com\/blog\/purpose-collection-agency-bond-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is the Purpose of Having a Collection Agency Bond? - Suretegrity\" \/>\n<meta property=\"og:description\" content=\"The primary job of a collection agency is to collect debts and manage important personal information about people and their financial records. Since the job of a collection agency involves high risk, having a surety bond as a guarantee becomes a necessity for all collection agencies. This surety bond, which is also known as Collection [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.suretegrity.com\/blog\/purpose-collection-agency-bond-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Suretegrity\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-21T10:40:48+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.suretegrity.com\/blog\/purpose-collection-agency-bond-2\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.suretegrity.com\/blog\/purpose-collection-agency-bond-2\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/www.suretegrity.com\/blog\/#\/schema\/person\/b1928a26a26c1c35cb64d5a716387b04\"},\"headline\":\"What is the Purpose of Having a Collection Agency Bond?\",\"datePublished\":\"2019-08-21T10:40:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.suretegrity.com\/blog\/purpose-collection-agency-bond-2\/\"},\"wordCount\":256,\"commentCount\":0,\"keywords\":[\"Collection Agency Bond\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.suretegrity.com\/blog\/purpose-collection-agency-bond-2\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.suretegrity.com\/blog\/purpose-collection-agency-bond-2\/\",\"url\":\"https:\/\/www.suretegrity.com\/blog\/purpose-collection-agency-bond-2\/\",\"name\":\"What is the Purpose of Having a Collection Agency Bond? - Suretegrity\",\"isPartOf\":{\"@id\":\"https:\/\/www.suretegrity.com\/blog\/#website\"},\"datePublished\":\"2019-08-21T10:40:48+00:00\",\"author\":{\"@id\":\"https:\/\/www.suretegrity.com\/blog\/#\/schema\/person\/b1928a26a26c1c35cb64d5a716387b04\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.suretegrity.com\/blog\/purpose-collection-agency-bond-2\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.suretegrity.com\/blog\/purpose-collection-agency-bond-2\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.suretegrity.com\/blog\/purpose-collection-agency-bond-2\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.suretegrity.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What is the Purpose of Having a Collection Agency Bond?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.suretegrity.com\/blog\/#website\",\"url\":\"https:\/\/www.suretegrity.com\/blog\/\",\"name\":\"Suretegrity\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.suretegrity.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.suretegrity.com\/blog\/#\/schema\/person\/b1928a26a26c1c35cb64d5a716387b04\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.suretegrity.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/087fcd0afa836d9ee1d765bfe330e403a19b532c6fc31125788f2fad828d025a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/087fcd0afa836d9ee1d765bfe330e403a19b532c6fc31125788f2fad828d025a?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"url\":\"https:\/\/www.suretegrity.com\/blog\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What is the Purpose of Having a Collection Agency Bond? - Suretegrity","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.suretegrity.com\/blog\/purpose-collection-agency-bond-2\/","og_locale":"en_US","og_type":"article","og_title":"What is the Purpose of Having a Collection Agency Bond? - Suretegrity","og_description":"The primary job of a collection agency is to collect debts and manage important personal information about people and their financial records. 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