Interested in utilizing your local pawn shop but wondering if your personal information is safe? If you are considering taking out a pawn loan, selling your items, or simply interested in finding unique treasures, it's important to know if your personal information is safe just like with any business! You probably want to know how long Pawn Shops keep your personal information on file, or if they keep any information at all depending on the transaction.
Keep reading to learn more about how pawn shops keep records of transactions.
Understanding Pawn Shops
Pawn shops take in a huge variety of items and collectibles like jewelry, musical instruments, televisions, tools, firearms, and more. Individuals who bring these items in can choose to use them as collateral to secure a pawn loan against the value of the items. Another popular option is selling the item outright for cash.
As pawn shops have grown in popularity over the years, they have developed a working relationship with local law enforcement agencies and are regulated by state and/or federal laws. Pawn shops keep their records and now ask for identification during every transaction whether you’re buying, pawning, or selling an item.
Types of Records Pawn Shops Keep
Pawn shops gather personal information in order to comply with state and federal laws and regulations that govern people pawning or selling merchandise to the pawn shop. During every transaction, pawn shops will ask for a government-issued photo ID for record keeping. The shop will also keep a log of every new item that comes into their inventory and submits it to a nationwide database that police departments monitor on a daily basis in the event that an item on a police report matches the description of an item found at a pawn shop. Law enforcement authorities have the ability to download information about the items pawned or sold to the pawn shop as well as the description and identification of the person that sold or pawned items to the pawn shop.
How long a pawn shop keeps records is normally based on the software used as well as state laws that may apply. The law can vary by state in terms of how long records must be stored and what information is required when pawning or selling merchandise to a pawn shop. Generally, records are kept between 3 to 5 years. After a certain period of time, pawn shops discard personal information by shredding paper records or deleting electronic records from their system in order to protect your personal information from being stolen or otherwise compromised.
The most important thing to remember is a reputable pawn shop will always ensure your transaction and personal information is safe and up to legal standards, just like any local business. If you have questions about pawning an item to receive a pawn loan, or you are curious about the value of an item you own, your local pawn shop brokers will be able to professionally inspect your item and help you get the most bang for your buck.
If you are looking for a trustworthy pawn shop, remember the Alamo, on Transmitter Road in Panama City! We have a large selection of items in stock and we are always looking for new inventory if you need some quick cash. We also provide quick confidential loans on just about anything of value. Let our pawn brokers help you!
At Alamo Pawn Shop in Panama City, pawn loans are a quick and easy way to borrow money without a credit check or hassle. Loans are based on the value of your collateral, not your credit rating or pay schedule. A typical pawn loan has a term length of 30 days, plus a 30-day grace period. If you cannot pay back your pawn loan in full, including any applicable grace period, we offer extensions to give you extra time. You may also choose to surrender your collateral as payment in full. Stop by our shop or give us a call at 850-872-0700!