Collection Agency Bond Overview
The collection agency bond is a surety bond that guarantees a collection agency’s compliance with regulations pertaining to their license in the state in which they operate. The bond’s function is to make sure that funds collected by an agency are collected in a proper manner and rightfully distributed to their clients. It protects the state and the public from collection agencies that misuse collected funds or make use of threats in order to collect debts.
Since each state creates its own rules for licensing, the exact guarantee that the bond extends varies from state to state. But in general the collection agency bond guarantees that the collection agency will adhere to the rules and regulations of their license with the state.
Though collection agencies are viewed by some as a higher risk line of business, Bryant Surety Bonds can offer excellent standard market rates. We also have a few specialty programs that allow us to fit many of our higher risk applicants into middle markets rates. In fact, many of our applicants will receive free instant approvals when they apply through our online application. Apply now and let’s get started!
Find the Bond You Need
The table below contains a list of only the most popular surety bonds. If you can't find yours, fill out our online application and select "Not in the list".
|Alaska||Collection Agency||Alaska Dept. of Commerce||Apply Now|
|Arizona||Collection Agency||Dept of Financial Institutions||Apply Now|
|Arizona||Collection Agency Bond||Apply Now|
|Arkansas||Collection Agency||State Board of Collection Agencies||Apply Now|
|Colorado||Collection Agency||Collection Agency Board||Apply Now|
|Connecticut||Collection Agency K||Commissioner of Banking||Apply Now|
|Florida||Collection Agency||Office of Financial Regulation||Apply Now|
|Hawaii||Collection Agency Bond||State of Hawaii||Apply Now|
|Idaho||Collection Agency||Dept of Finance||Apply Now|
|Illinois||Collection Agency||Dept of Professional Regulation||Apply Now|
|Indiana||Collection Agency||State Board of Accounts||Apply Now|
|Local Government||City of Buffalo Collection Agency Bond||City of Buffalo, Dept of Economic Development||Apply Now|
|Local Government||DCA Licensing Center Debt Collection Agency||NYC - DCA Licensing Center||Apply Now|
|Maine||Debt Collector/Repossession (Continuous)||Office of Consumer Credit Regulation||Apply Now|
|Maryland||Collection Agency||Commissioner of Financial Regulation||Apply Now|
|Massachusetts||,000 Collection Agency||Massachusetts Division of Banks||Apply Now|
|Michigan||Collection Agency||Bureau of Commercial Services, Licensing Division||Apply Now|
|Michigan||Non-Depository Sales Finance Company and/or Out-O||Department of Insurance and Financial Services||Apply Now|
|Michigan||Depository Financial Institution - Sales Finance C||Department of Insurance and Financial Services||Apply Now|
|Minnesota||Collection Agency (Corp/LLC)||Commissioner,Dept of Commerce||Apply Now|
|Minnesota||Collection Agency (Partnership)||Commissioner,Dept of Commerce||Apply Now|
|Minnesota||Collection Agency (Sole Prop.)||Commissioner,Dept of Commerce||Apply Now|
|Nebraska||Collection Agency License Bond||NE Collection Agency Licensing Board||Apply Now|
|Nevada||COLLECTION AGENCY||State of Nevada Business & Industry Dept||Apply Now|
|Nevada||Collection Agency Bond||Department of Business and Industry||Apply Now|
|New Jersey||Collection Agency||Deputy Attorney General||Apply Now|
|New Mexico||Collection Agency Corporate Bond||Finance Institutions Division||Apply Now|
|New York||Collection Agency Bond(City of Buffalo, NY)||Office of Licenses||Apply Now|
|New York||Collection Agency Bond (New York City)||NYC Department of Consumer Affairs||Apply Now|
|North Carolina||2013-2014 New Domestic Collection Agency Bond||Dept of Insurance||Apply Now|
|North Dakota||Collection Agency||Dept of Financial Institutions, Consumer Division||Apply Now|
|Oregon||Collection Agency||Dept of Consumer & Buisness Services||Apply Now|
|Other||(Gryphon Corp.) Client Contract Bond||Gryphon Corp.||Apply Now|
|Pennsylvania||Credit Services Organization Bond||department of state||Apply Now|
|Rhode Island||Collection Agency||State of Rhode Island||Apply Now|
|State of Hawaii||Collection Agency||Director, DCCA, PVL, Licensing Branch||Apply Now|
|Tennessee||Collection Service License Bond||Tennessee Department of commerce and Insurance||Apply Now|
|Tennessee||Collection Agency Bond||Tennessee Department of Commerce and Insurance||Apply Now|
|Tennessee||Collection Service License||Tennessee Department of Commerce||Apply Now|
|Tennessee||Credit Services Organization Bond||Director of Tennessee Division of Consumer Affairs||Apply Now|
|Texas||Third Party Debt Collector||Secretary of State, Statutory Documents Section||Apply Now|
|Texas||Private Child Support Enforcement Agencies Bond||Texas Department of Banking||Apply Now|
|Utah||Collection Agency||Dept of Commerce||Apply Now|
|Washington||Collection Agency||Business and Professions Division, Collection Agen||Apply Now|
|West Virginia||Collection Agency||Tax Dept, Internal Auditing Division||Apply Now|
|Wisconsin||Collection Agency||Dept of Financial Institutions||Apply Now|
|Wyoming||Collection Agency||Collections Agency Board||Apply Now|
Collection Agency Bond Cost
A collection agency bond’s cost is a fraction of the total bond amount. Every surety bond has a bonding amount, and for collection agency bonds these amounts are usually set at the state level. What percentage or rate you will be offered by a surety depends on a number of financial factors, with personal credit score being the most important.
This percentage, at standard market rates, is usually between 1%-4% of the total bond amount for applicants who have a high credit score. How much exactly you will have to pay will therefore depend on the particular bond you need to get. You may pay as little as $150, the minimum possible bond cost, in order to obtain a $10,000 collection agency bond.
Your bond’s cost is also determined by your choice of surety. Different companies will offer you different rates. Bryant Surety Bonds’ exclusive advantage is the fact that we work only with A-rated and T-listed surety bond companies - the best companies in the country. These give us access to exclusive rates, which are often unmatched by anyone else. What’s more, these companies are the most secure backers of a surety bond you could want!
Want to know more about surety bond cost? Find out more about what determines your bond’s cost and how you can lower it over time through our expert surety bond cost guide!
Bad Credit Collection Agency Bond Program
Those who have trouble with their credit score or have no credit at all, may find it hard to get bonded. Our Bad Credit Surety Bond Program makes it possible for applicants with less-than-perfect credit to get a collection agency bond at good rates.
Your personal credit profile as well as the amount of your bond will determine the exact rate that you will be offered. Rates under our bad credit program are usually higher, due to a higher risk involved in bonding applicants with poor credit. However, you can still expect to get the best possible and lowest rate that applies to your unique situation. Apply now and get a free quote!
How to Get Your Collection Agency Bond
To get your collection agency bond you simply need to apply online. Once your application is processed we will get back to you with a free ‘no obligations’ quote on your bond. Most applicants are processed very quickly, and many are approved almost instantly.
If you have difficulties with your application or need advice and guidance, call us at (866) 450-3412! Our surety bond professionals are available to speak to you at all times and can respond to any questions you may have about collection agency bonds. Call us, we’ll be happy to help!
Click on your state in the map below for more information about bonding requirements in your state.