There is a lot of confusion surrounding what it takes to get one's broker authority. In most cases, it is a snap IF you know where to go, etc. And the process to get started only takes about 20-30- minutes over the phone with us.
Here is what you need for your broker authority:
- a Motor Carrier Number,
- Evidence of a $10K surety bond or trust fund,
- the BOC-3, and
- the UCR
Let us look at each one:
1. Motor carrier number - No you cannot use your trucking company's MC#. You need a separate MC# for your freight broker business, The application only takes about 10 minutes if you know what you are doing.
2. Your surety bond or trust fund - if you have good credit, you may choose to have a financial institution put up the $10K for you. If you have your own $10K to put into a trust fund, this is okay too. For those with poor credit or no credit, there are other programs available but it will involve paying a deposit and about $500 per month to build your own trust fund.
3. The BOC-3 - this gives you legal representation in all 48 states. It is a no-brainer but some third party vendors are charging unjustified fees for this. Watch out.
4. The UCR - this is relatively new and, if you go directly to the government website, you will end up paying less than going through a third party.
That is it. There are no background or criminal checks. There are not tests. We get you started on each of these over the telephone and Internet. The whole process can be quite simple as we work with you on these requirements.
The entire cost on this can be less than $1,500 if you have good credit. This assumes you do not go through a third party that will charge you additional fees. The application process as described here is included in our training fee.
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