After visiting a pawn store, have you ever wondered if your personal details are safe there or not?
If yes, then you are at the right place because today in this post, I will address this query which is concerning many pawn shoppers and sellers.
Pawn shops are best for quick cash for objects that might have negligible market value. They are valuable here in a pawn store because they reflect some historical significance which might interest some collectors.
When you bring your stuff and walk with a pawn loan or quick cash in terms you have sold the rights to the ownership of the item there is some paperwork that needs to be done. This paperwork requires your personal information of which these pawn shops keep a record.
So, let’s get started and find the answer to your concern which is whether your personal information is safe or not.
How Pawn Shops Functions?
The first thing to understand is that pawnbrokers accept a wide range of items that might include jewelry, musical items, electronics, firearms, and many other things. These items can be used as security to take a pawn loan against the item, or you can take hard cash by selling the ownership rights of the item. As of now, it is mandatory that a pawn store must keep a record of their customer; it is customary for them to keep a record.
What Records Do They Keep?
The next question you must be asking yourself is what personal details they ask you for their records. Let’s see what they ask.
They generally comply with the federal and state law that governs people who are selling or pawning merchandise in their pawn shops. In every transaction, they ask you for your Gov.-issued photo identification for the record. The shop owner will keep a log of every new item that arrives in his shop. If the item found is missing or stolen, police first cross-check the logs of the local pawn shops in pursuit of the items. Now I think you have a perfect idea of why they ask for personal information.
How long they keep the record?
Is it safe with them? Unless you have stolen something and sold it to a pawn store, you are not safe but your information is still safe as they only share your information with the local authorities. On an average, they keep your personal information on the records for the time span of 3-5 years only. Then there is a shredding machine which is used and your personal data is destroyed.
In a Nutshell
So, in short, your data is safe and sound with the pawn shops. If you want quick cash or looking for a pawn loan you can try Koosh Pawn. Rest depends on you. Adios for now!!!