At Maxferd, we work with hundreds of unique, valuable items every day at our 5 locations around California. Everything from selling gold in Beverly Hills to selling jewelry in Van Nuys. And by law, we have to keep certain pawn shop records of every transaction we make.
Why? Because a pawn shop is effectively a used jewelry store and we need to keep everything above board. Whether you’re pawning or selling, it’s your business and yours alone. That’s why your data protection is our top priority.
PAWN SHOP RECORDS AND THE LAW
In California, we have to abide by the State Financial Code in terms of data collection. In 2019, CAPSS, the California Pawn & Secondhand Dealer System, brought in a new requirement. Now we have to collect fingerprints for all pawn transactions.
We would only share fingerprint data with the police if they needed it, in case someone was selling stolen goods. Rest assured this data is kept on our system totally securely.
WHY SHOULD YOU CARE IF STORES KEEP A RECORD OF YOUR PERSONAL INFORMATION?
It’s just a question of personal choice. We understand that some people are private and don’t want their information out there. If you need cash for gold in Lawndale, for example, it’s your personal business.
Really, the fewer people who have access to your personal information, the better. The less information you give out, the less chance you have of being the victim of identity theft one day.
THE PERSONAL DOCUMENTATION WE KEEP
What do you want to do? Whether you’re pawning or selling, this is all we need.
An image of your driver’s license, state ID or passport.
Notice how we don’t require your social security number. And this is important. Your social security number is not something you should be giving out unless you really have to. Certainly not just to sell jewelry.
HOW DO PAWN SHOP RECORDS COMPARE WITH BANK LOAN RECORDS?
You’re probably reading this as someone who carefully considers what personal information they give out. So compare the one document above with applying for a credit check for a bank loan. They’d want:
- Name
- Address
- Social security number
Yikes. Do not give your social security number out easily. Why? The possibilities for data theft fraud are huge. A fraudster could open a bank account, have you pay their bills, or claim benefits in your name.
Then, your personal information is laid bare for them. This means your open lines of credit, loans and history of bankruptcy.
If you need a loan from Maxferd, it’s simple.
HOW LONG WE KEEP YOUR PERSONAL INFORMATION FOR
Across America, pawn shops are required by law to keep your basic information from 3 to 5 years.
Say you’re visiting our pawn shop in San Francisco. You want to pawn or sell gold. Your information is taken confidentially and stored securely. After the time is up, we delete every trace of your personal information from our system.
WHAT WE DO WITH YOUR PERSONAL INFORMATION
Usually, nothing. We just have to keep it as a legal requirement. And rest assured, the personal information that we keep is very secure. The only reason we would have to share your personal information would be if the police demanded to see it.
After that, we shred anything on paper and delete any trace of electronic information.
HOW DO WE MAKE SURE WE'RE NOT HANDLING STOLEN GOODS?
Some people worry that what they’re buying from us might be stolen. But no criminal is going to want to show their ID to pawn stolen goods.
That means you can breathe easy, knowing that the engagement ring you love doesn’t have a shady backstory.
WHAT OTHER PAWN SHOP RECORDS DO WE HAVE TO KEEP?
For instance, you come into our Woodland Hills pawn shop. You want to sell jewelry that’s good quality and you can get a good price for. It belonged to a relative, but it isn’t really your style.
Rather than keep it in the bottom of a drawer for years, you make a smart choice and sell it.
In cases like these we just have to take a photo of the item and log it.
YOUR INFORMATION IS SAFE WHEN SELLING GOLD OR USED JEWELRY
Concerned about what our pawn shop records will do with your information? Don’t be. Maxferd is among the most discreet companies around and we take your privacy very seriously.
Come see us in one of our 5 convenient stores in Los Angeles (two in the San Fernando Valley) and San Francisco. Questions? Feel free to call us at (800) 888-7296 and we’ll be glad to help.
