Need to be bonded with bad credit

[Tom]

Recently my wife took a job at a local school board office as the Finance Officer. Now they are requiring her to get bonded for $2,000,000, and she has been rejected. She will lose her job if we can not get bonded. As they checked her personal credit, they determined that she and I have poor credit and thus would be unable to bond. Can anyone help us? Obviously, our young family needs for my wife to keep this job. Please help!!!

[Admin]

Tom, this is all too common of a problem. The bond market is extremely conservative right now, therefore only the best risk get written.

Depending on the type of bond required, there may still be hope for you. Call the school board and find out if it is a fidelity bond they are requiring. If so, it is still possible that you can be bonded. If they are requiring a commercial surety bond, then you are simply out of luck. A $2,000,000 commercial surety bond is extremely large and would require a great amount personal financial strength.

Please let me know the outcome, as a $2,000,000 bond is very large regardless of bond type. I would also question if previous employees were able to satisfy the requirement.

Good Luck!

[mrbond]

Tom, what you need is an individual Public Official bond. Not all sureties run credit for these so just keep trying different companies. If your agent doesn't represent other companies, then you will need to try another agent. Good luck.