What are Collection Agency Bonds?
Collection Agencies are companies that pursue payment on debts owned by both businesses or individuals. These bonds guarantee proper accounting for funds received, ensuring that money collected by debt collectors will be properly dispersed to clients.
Our agency offers a variety of programs designed to help all types of debt collection agencies get approved at quickly, and at excellent rates in Rhode Island.
Questions about Collection Agency Bonds in Rhode Island
How much does a Collection Agency Bond cost?
Annual premium amounts are determined based on owner personal credit. Owners with stellar credit may be eligible for standard market rates, which range from 1% to 3% of the bond amount.
If the owner has a low credit score, or past due items on their credit report, annual premium typically ranges between 5% to 15% of the bond amount. For most states, our high risk rate does not exceed 7.5%.
For more information on bonding costs, visit our page on Bond Prices.
How do I get a Collection Agency Bond in Rhode Island?
The first step is to apply for a free quote. Once you’ve been approved, your agent will provide you with the bond premium due, along with an agreement with the surety. Once you’ve paid for your bond, and provided a signed copy of the indemnity agreement, your Collection Agency Bond will be mailed out to you. To learn more about the bonding process, visit our page on How To Get Bonded.
Can I get approved for a Debt Collector Bond if I have bad credit?
Yes. While many sureties only offer quotes to customers with stellar credit, Lance Surety has a variety of collection agency bond programs that allows us to approve over 99% of applicants instantly through our online application. Your annual premium will depend on your individual credit profile, but we’re able to offer very aggressive rates.
Will my Collection Agency Bond work for multiple states?
No. You'll need to post a separate bond for each state that you will be conducting business in. Each state has their own bond requirements, and therefore you'll need to make sure to comply with each state's respective bond regulations.
Still Have Questions? Check Our FAQ Pages
What Our Clients Have To Say?
Kimberlee AblesQuick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Andrew PoincotLong story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
Margie MartinezWe decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!