Nector Marketplace, LLC (“Nector”, “we”, “us” or “our”) is committed to maintaining the confidentiality of Social Security numbers that we collect during the regular course of our business. Accordingly, Nector has established this Social Security Number Privacy Protection Policy (the “Policy”) to restrict access, disclosure, use and disposal of social security numbers that we have collected.
1. Collection and Use of Social Security Number
Nector collects and uses your social security number for the sole purpose of providing you access to and functionality of the Nector platform, which allows you to monitor and manage your real estate portfolio and prepare loan or refinancing applications for use by third-party financial institutions. Your social security number may be uploaded and stored by you on our platform, which is hosted by Amazon Web Services, a secure cloud provider. You may also direct us to grant access to loan application documents, which may include documents containing your social security number, to a third party in order to apply for a loan or other refinancing. We will only do so upon your direct request.
Nector is a platform provider only and is not a financial institution nor otherwise subject to the Gramm-Leach-Bliley Act.
2. Access Restrictions and Disclosures
Nector restricts access to your social security number only to those of our employees, contractors and affiliated organizations that (i) need to know that information in order to process it on our behalf, and (ii) that have agreed not to disclose it to others.
Documents, materials or computer screens that display social security numbers shall be shown only to authorized employees and third parties and shall be kept out of public view at all times. Social security numbers (in full or in part) are never used as publicly displayed account or identification numbers. No social security numbers (in full or in part) will be used in open computer transmissions or company distributions or through the company intranet except where such transmission of information is by secure connection or is encrypted. We may disclose your social security number (i) to credit bureaus, financial information or other similar entities for the purposes of providing services specifically requested by you; (ii) when required to do so by law; (iii) when we believe in good faith that disclosure is reasonably necessary to protect the property or rights of Nector, third parties or the public at large; or (iv) if we buy or sell assets to be used by the acquiror in accordance with this policy. We do not sell your social security number.
3. Storage and Disposal
Nector shall take reasonable steps so that all documents and files (both electronic and in hard copy) that contain social security numbers shall be stored in a physically secure manner. Nector requires that social security numbers be stored in a way that prevents unauthorized access. For example, hard copy documents that social security numbers should be stored in files that can only be accessed by authorized employees or third parties, and computers or other electronic devices that contain social security numbers should be secured against unauthorized access, such as through the use of a password. Nector requires that any authorized personnel who maintains social security numbers must take appropriate steps consistent with this Policy to safeguard such information.
Documents or other materials (both electronic and in hard copy) that contain social security numbers shall be disposed of in a manner such that the social security number is erased or made unreadable at the time of disposal. It may be necessary to consult with Nector’s IT department to ensure proper disposal of social security numbers that are stored electronically.
4. Non-Compliance
Failure to comply with this Policy may result in disciplinary action up to and including termination. Furthermore, the law provides civil and criminal penalties for individuals who violate laws protecting the confidentiality of social security numbers.
If you have any questions about this Policy, including about how to dispose of personal information, please contact us at hello@nectorcapital.com.
