You may have heard about surety bonds but aren’t really sure what they are… Many people get confused between bonds and insurance but although they appear similar they can have very different implications for both businesses and consumers. Below you’ll find everything you need to know to understand the difference between surety bonds and insurance. Continue reading “Surety Bonds vs. Insurance”
Businesses are often required to purchase surety bonds to operate. Surety bonds are generally issued by surety companies. However, it’s common to apply for a surety bond through a broker or surety bonding agency.
Continue reading “Who issues surety bonds?”
Personal credit is one of the most crucial elements of securing a surety bond and setting the price for a bond. For some bonds, such as Mortgage Lender Bonds and Mortgage Broker Bonds, credit score is the primary factor in determining approval and bond rate. Here is some information on credit scores, and how they affect one’s application for a surety bond.
Continue reading “How Bad Credit Can Affect a Client’s Surety Bond”