Collection agency surety bonds ensure that an agency fulfills its contract in an ethical manner. This bond ensures the agency will properly handle money it receives while pursuing outstanding debts. It also guarantees those funds are routed to the company with the outstanding debt.
If the collection agency misappropriates these funds, the state can file a claim on the agency’s bond. If the claim is determined to be valid, the face value of the bond is released by the surety company and paid by the collection agency.
Surety1 shops 15 different surety markets to find the best price for your collection agency surety bond.
If you are looking to get bonded in multiple states, make sure to let your bond agent know. We can take care of all your bonds at once!