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Business Profile

Bond Brokers

BondExchange
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BBB Accredited BusinessA+Rated by BBB

Reviews

Customer Review Ratings

1

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Review Details

  • William H

    Date: 12/17/2024

    ***** pulled our credit "soft pull" and applied for a bond for our new freight brokerage. Then went ****. We received a notice in email that their underwriter denied our BMC-84 application, but BondExchange refused to state a reason for the denial. ***** stated that our registered agent service provider, the Wyoming branch of "*********************" which has locations in almost every state to assist companies with setting up entities and giving them a mailing address for service of process in the states the company may operate, is a known location for scammers. I assume there are indeed scammers out there who have used registered agents *** in many locations to register scam double-broker companies and fake carrier companies - but there are tens of thousands maybe hundreds of thousands of others that are legit - like us. ***** at BondExchange refused to advise us of who the underwriter is so that we could provide additional documentation and know the reason for the denial (after they pulled our credit reports). Because of this - I feel there is a violation of ******, ******* and Federal consumer credit and consuer protection laws and many possible violations of required disclosures both federally and in **, ** (where BondExchange operates) and in ****** and ******* (where we are). Restrictions on federal interstate commerce, especially in logistics is another issue. After I complained they said they have another non-standard place they could take my application to - again without telling me who they represent - but he wanted my tax returns, pay stubs, and personal financial statement. All this for a little $75k bond/insurance product. I do NOT recommend you give this company any business. We are considering action against them for refusing to tell us who they represent and solicited our application through without our knowledge.

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