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$100,000 Broker Bond

Discussion in 'Freight Broker Forum' started by G/MAN, Mar 17, 2012.

Page 8 of 10
  1. Aug 21, 2012 #71
    FourCircles

    FourCircles Bobtail Member

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    Aug 1, 2012
    0
    When I got my brokerage in 2003 I had a 468xxx MC#. Now I think they are near or past 800k. So gauge how long a company has been around by that. Not to say someone new doesn't have Bill Gates backing them, but chances of a brokerage that has been around for 3 years or more paying you is a lot better. It is easier and cheaper to check credit now than the past. A lot of the load boards even include credit scores based off of compunet and transcredit reporting. So you don't really need to buy a package if you use load board credit. Its the same. Although if you run a credit report on either compunet or transcredit, I believe they give you 6 months of reporting if there is a change in credit or days to pay.
     
    FourCircles, Aug 21, 2012
    FourCircles, Aug 21, 2012
    #71
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  3. Aug 21, 2012 #72
    LSAgentOZR

    LSAgentOZR Road Train Member

    2,043
    1,354
    Nov 1, 2011
    Nashville, TN
    0
    Haul for the bigger names and you shouldn't have a problem with not getting paid. CHR, Landstar, TQL. Some of the freight may be cheap, but they are publicly traded companies and you're not likely to get ripped off once you move the load. Past that, look at credit scores for the smaller operations.
     
    LSAgentOZR, Aug 21, 2012
    LSAgentOZR, Aug 21, 2012
    #72
  4. Aug 21, 2012 #73
    G/MAN

    G/MAN Road Train Member

    7,031
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    Sep 3, 2010
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    If you are going to run your authority you need to check the credit of ANY broker or shipper with whom you plan on doing business. There have even been some large brokers who have gone out of business in recent years. Those who have been around for several years are more likely to have a solid track record and if they have managed to survive then they probably pay their bills. Spend time to not only check credit with a service, call their references and talk with them. It may take a little time, but it is much better than taking a chance on losing money on a bad debt. This is part of running a business. If you don't want to check credit yourself then find a non recourse factor and let them do the checking for you. If you don't spend the time checking credit then only deal with those who will pay in advance or COD. That will greatly limit your exposure but will also limit your available freight. The larger brokers, such as Landstar, CH Robinson and others are more likely to pay you, but there are some small brokers who are good and also pay their bills.

    Even if you did file on a brokers bond, it takes time and you may or may not get anything out of it. The best thing is to check credit before picking up the load. If their references and credit don't check out, then walk away. Find another load.
     
    G/MAN, Aug 21, 2012
    G/MAN, Aug 21, 2012
    #73
  5. Aug 21, 2012 #74
    bigredone

    bigredone Bobtail Member

    4
    0
    Jul 31, 2012
    Texas
    0
    Thank you for all the answers very usefull information. While I am new to the trucking part of the world, but have owned other business for the last 15 years. @LSAgentOZR, I am working my way into the bigger companys but currently doing my time as some want a year on your MC before using you. Again, I fully understand this as I have spent years review sub-contractors to decide who or whom not to take a risk on. As with any business there is a learning curve and places such as this forum to help soften the hits. Sadly in the last 8 months I have found drivers and brokers to be a much more honest bunch then the group I am trying to get away from. @G/MAN, I can relate to the issue of filing a bond and not getting anywhere, I could fill pages of stories about lawsuits that take months to years and the only winners are my legal team.
     
    bigredone, Aug 21, 2012
    bigredone, Aug 21, 2012
    #74
  7. Aug 21, 2012 #75
    aiwiron

    aiwiron Road Train Member

    5,927
    5,226
    Aug 24, 2011
    Sunny Tampa Florida
    0
    TQL?

    Naw common now please tell me that was a joke.
     
    aiwiron, Aug 21, 2012
    aiwiron, Aug 21, 2012
    #75
  8. Aug 21, 2012 #76
    LSAgentOZR

    LSAgentOZR Road Train Member

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    1,354
    Nov 1, 2011
    Nashville, TN
    0
    I can't advertise or recruit *wink* Seriously, they are a big name regardless if their freight is cheap or not. We've got agents here with the same cheap crappy freight
     
    LSAgentOZR, Aug 21, 2012
    LSAgentOZR, Aug 21, 2012
    #76
  9. Aug 21, 2012 #77
    aiwiron

    aiwiron Road Train Member

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    Sunny Tampa Florida
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    Well I can understand the no recruit part, but getting your money from TQL is like finding Sasquatch.
     
    aiwiron, Aug 21, 2012
    aiwiron, Aug 21, 2012
    #77
    LSAgentOZR Thanks this.
  10. Aug 22, 2012 #78
    VisionLogistics

    VisionLogistics Road Train Member

    1,551
    978
    Dec 8, 2011
    Jellystone
    0
    Cue TQL carrier relations representative in 3..2..1...
     
    VisionLogistics, Aug 22, 2012
    VisionLogistics, Aug 22, 2012
    #78
    LSAgentOZR Thanks this.
  11. Aug 22, 2012 #79
    rollin coal

    rollin coal Road Train Member

    12,529
    23,860
    Mar 29, 2008
    TN
    0
    .......LoL
     
    rollin coal, Aug 22, 2012
    rollin coal, Aug 22, 2012
    #79
  12. Aug 22, 2012 #80
    G/MAN

    G/MAN Road Train Member

    7,031
    8,621
    Sep 3, 2010
    0
    I received a survey from TQL today. I thought about not participating, but decided to go ahead and answer the questions. I am not sure that TQL will appreciate my participation.
     
    G/MAN, Aug 22, 2012
    G/MAN, Aug 22, 2012
    #80
    aiwiron Thanks this.
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