Personal Financial Info

[Mother Bond]

I'm applying for a bond, but I don't see why I have to provide information about my personal financials. What does that have to do with getting a bond?

[Surety Queen]

Originally Posted by Mother Bond

I'm applying for a bond, but I don't see why I have to provide information about my personal financials. What does that have to do with getting a bond?

Personal credit has everything to do with acquiring a bond. All owners of your company - as well as spouses - are required to personally indemnity to the Surety. In the event of a claim that is paid out by the Surety, they will come back to you personally to recoup the damages. If you have bad credit, you are less likely to be able to re-pay the Surety - making you high risk.

[Mother Bond]

I understand that personal credit is a major factor, but what I'm asking is why do I have to tell you how much cash I have in the bank or what my house is worth, etc?

[Surety Queen]

Originally Posted by Mother Bond

I understand that personal credit is a major factor, but what I'm asking is why do I have to tell you how much cash I have in the bank or what my house is worth, etc?

How else are we to determine what your personal credit situation is like?

[Mother Bond]

Don't you get all that information when you pull my credit report?

[Surety Queen]

Originally Posted by Mother Bond

Don't you get all that information when you pull my credit report?

How much cash you have in the bank doesn't show on your credit report. Trust me when I tell you that Surety wouldn't ask for the information is they didn't need it to provide you with a quote. The better information you provide us, the better a quote we can provide you.