In this day and age, it’s a fair question to wonder about personal information security. Data breaches of even large companies hit the news regularly.
Customers in the Southwest Florida area have been utilizing First Pawn to trade their items for cash for years. You have the choice of selling your items outright and walking out with quick cash or pawning them to retain ownership against a loan.
When performing a transaction at a pawn shop there is a record. Many wonder if we keep records. The answer is yes, but only for a few years and information is safely secured.
How Pawn Shops Operate
Pawnbrokers such as First Pawn Jewelry and Loan buy a huge range of items from their customers daily including gold and diamond jewelry, musical instruments, televisions, electronics, tools, household items, firearms, power tools, and collectibles. These items can be used as collateral to secure a pawn loan for or below the value of the items. They also may buy it outright for the purpose of resale. Pawn shops work with local law enforcement and are regulated by state and federal laws. They keep their records and require identification for every transaction.
The shop keeps a log of every item that comes into the 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.
How long are records kept?
Transaction records are kept 3 to 5 years.
At that time the shops discard personal information by shredding paper records or deleting electronic records from their systems in order to protect your personal information from being compromised.
Have more questions about pawn loans? We’ve got answers. Stop in or give us a call at one of our two convenient locations right here in Southwest Florida.
889 Airport Road South, Naples, Fl 34104 | 239-434-7296
1331 Homestead Rd N, Lehigh Acres, FL 33936 | 239-369-2274