Understanding Information Brokers: Legal Definitions and Services

Definition & Meaning

Information brokers are professionals who gather, analyze, and provide information from publicly accessible data sources, typically for a fee. They emerged as a business concept in the mid-1950s and are also referred to as independent information specialists. In today's digital age, where vast amounts of data are available online, information brokers offer valuable services beyond mere data collection. These include writing analytical reports, creating internal databases, and providing ongoing updates on relevant topics for clients.

Table of content

Legal Use & context

Information brokers operate in various legal contexts, often assisting businesses, legal professionals, and researchers. They can be particularly useful in:

Conducting background checks.
Gathering competitive intelligence.
Researching public records.

Users can manage some aspects of this process themselves with the right tools, such as legal templates available through US Legal Forms, which can help streamline the information-gathering process.

Key legal elements

Real-world examples

Here are a couple of examples of abatement:

Example 1: A small business owner hires an information broker to conduct a competitive analysis before launching a new product. The broker gathers data from various online databases and public records to provide insights into market trends and competitor strategies.

Example 2: A legal firm engages an information broker to compile a report on case law relevant to a specific legal issue, saving the firm considerable research time. (hypothetical example)

State-by-state differences

Examples of state differences (not exhaustive):

State	Regulation on Information Brokers
California	Strict regulations on data privacy and consumer protection.
Florida	Less stringent regulations, but still requires compliance with federal laws.
New York	Requires registration for information brokers and adherence to privacy laws.

This is not a complete list. State laws vary, and users should consult local rules for specific guidance.

Common misunderstandings

What to do if this term applies to you

If you believe you need the services of an information broker, consider the following steps:

Identify your specific information needs.
Research potential brokers and check their credentials.
Consult US Legal Forms for templates that can assist in your information-gathering process.
If your situation is complex, consider seeking professional legal advice.

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Quick facts

Typical fees for information brokering services can range from $50 to several hundred dollars, depending on the complexity of the request.
Information brokers often have access to exclusive databases not available to the public.
They can assist with both simple and complex information retrieval tasks.