What is a North Dakota Collection Agency Bond?
Based on a survey conducted by the Consumer Financial Protection Bureau, debt collectors orbit in a $14 billion, a 130,000-employee industry that is made up of approximately 6,000 individual firms. A projected 70 million Americans – more or less 1 in 3 end-users have alleged contacts or dealings with a creditor and collector who is aggressively making every effort to make progress on getting payments from debt.
Owing to the size of the industry, countless consumers involved and the numerous collection agencies that are all vying for attention and patronage of companies who have debt collection problems, it will be unrealistic to rely solely on traditional advertisements. What a collection agency need to augment its viability in the market and help boost its image in the midst of stiff competition is the Collection Agency Bond.
The North Dakota, Collection Agency Bond is a foolproof undertaking assuring that collection agency will not disregard or treat with contempt the provisions spelled out in the North Dakota Fair Debt Collection Practices Act and will not commit the following despicable activities when collecting debts:
- Fraudulent and discriminatory dealings – Based on the North Dakota collection agency law, licensed debt collectors are mandated to impartially and honestly deal with debtors while collecting debts.
- Collect illegal charges -- Debt collection agencies cannot collect interest and fees unless such fees are permitted in the contract with the original creditor or permitted by some other law.
- Presenting fake impressions that they are associated with the government -- The North Dakota collection agency law forbids debt collection agencies to use trade names, addresses, signage, or anything that creates the notion that they are connected with a government agency or the police.
- Showing false court documents-- Debt collection agencies are not allowed to send anyone or any debtor documents that look like they are from the court if they are not authentic court documents.
Why do you need a North Dakota Collection Agency Bond?
You need a North Dakota Collection Agency Bond because you want to have a massive cut of North Dakota’s debt collection pie industry. Simultaneously, it can protect your investments from malicious activities committed by collectors in your employ.
The bond can further promote your reliability as a collection agency thus making your business appealing to potential customers and upcoming business associates. The North Dakota Collection Agency Bond can readily provide you the image of credibility and competence, making you immensely noticeable in the midst of cutthroat competition.
How much does a North Dakota Collection Agency Bond cost?
The North Dakota Collection Agency Bond is not expensive. A collection agency based in North Dakota needs to post a $20,000 bond. A determining factor of the bond’s premium amount is the collection agency owner’s credit score and financial history.
A licensed and credible surety company will request you to furnish documents that will establish how you fared in your previous business dealings (e.g. financial statements) and if you have had criminal convictions in the past.
How do I get a North Dakota Collection Agency Bond?
Getting the North Dakota Collection Agency Bond is effortless. Choose a reliable surety company that you know can serve your specific needs, can address your concerns without delay, and can respond to whatever challenges you will encounter in the process. Give them a call NOW!