Bonding Company Dropped Surety Bond

[Carmen97]

I was dropped after years of no claims due to a credit report they pulled. I applied at another agency, but after a couple of weeks they said they couldn't help. Is it possible for me to get a bond again?

[Riskwriter]

I have heard of this time and time again. The problem is that bonding companies for years issued bonds at times with absolutely no credit or reference checks at all. Now after years of trouble free business, the bonding company drops you since they pulled a credit report.

There are really only 2 options.

1. Posting the amount of the bond in the form of cash with the obligee.

2. Applying under a high risk/bad credit program. We have one if you are interested. Free quotes online will only take 5 minutes of your time.

Best of luck!

[Admin]

Carmen, you must also keep in mind that surety bonds are not insurance and that the sureties expect you not to have any claims. In fact, if you ever have a claim it will be much harder to obtain a bond then just simply having bad credit.

A good place to read more about suretyship in general is our Surety Bond Information Section