Pawning or selling goods can be a quick and easy to downsize and get cash for your old and unused items. If you're looking to pawn an item, you might be concerned about privacy issues. Below, we'll discuss if local pawn shops keep your personal information on file for a period of time or not.

How does a pawn shop work?

A pawn shop will take a variety of goods from customers, including jewellery and musical instruments. Electronics, tools, and other household items and goods are also taken to the local pawn shop for quick cash. Sometimes, these items can be used to get a pawn loan against the market value of the item if the pawn shop doesn't outright buy it from the customer.

Customers who need cash fast but don't want to permanently part with their items by selling it can open up a pawn ticket and get a loan instead. The item itself is considered collateral, and customers do not have to worry about paying an exorbitant interest rate. People who do not have access to credit or good credit terms may turn to their local pawn shop instead. pawn shops typically offer more favorable terms than say, a check-cashing place.

But sometimes, criminals will sell the goods they've stolen to an unsuspecting pawn shop. So, many pawn shops have begun to foster a relationship with local law enforcement to prevent the stolen property from being sold in a criminal operation. Nowadays, pawn shops keep records of their customers and store those records anywhere from three to five years.

They ask for identification for every transaction, and it doesn't matter if you've pawned an item, have bought an item, or want to sell an item - your information is kept on file at the local pawn shop, along with a description of the goods. Unfortunately, criminals can hand dealers stolen goods in a pawn shop. By asking for identification and keeping a description of the goods on record, pawn shops can work with police departments to identify stolen goods and get them back to their rightful owners.

What kinds of records are kept?

Pawn shops ask for a government-issued ID from their customers, and they also keep a description of the goods for their records. pawn shops log every item that comes into their store and submits the information to a police database. Police departments can download information about pawned items and items sold at the pawn shop, and the identity of the person who sold or pawned the item. If the item has a serial number, that will be part of the records, too. After three to five years, the pawn shop will throw away the personal information. If they keep hard copies, the identifying information is shredded. Electronic records are erased.

A Melbourne Pawn Shop, we're dedicated to working with local law enforcement to prevent criminals from making a profit off stolen goods. If you're looking for reputable pawnbrokers in Melbourne, we guarantee that your information is stored in a safe and secure database. Stop in and visit us today to get quick cash for your old and unused items.