Permanent Account Number (PAN) is a ten-digit alphanumeric number issued to you by the Income Tax Department. In India, avoiding the use of PAN card is not easy. All existing assessees or taxpayers or persons required to furnish return of income even on behalf of others should obtain a PAN card. Also Read – How to Download E-PAN Card from Government Website: Check Step by Step
Further, any person intending to enter into economic or financial transactions for which quoting of PAN is mandatory should also obtain PAN. Also Read – How to Apply for Fake PAN Card Online: Step-by-Step Guide
PAN acts as a repository that tracks all tax-related transactions of an individual. It allows the Income Tax Department to check compliance with tax payments. This means that every loan taken by a financial institution is recorded in the respective PAN. Also Read – How to Download PAN Card from Government Website: Step-by-Step Guide
Here’s how any PAN card holder can see if a loan has been granted in their name:
-Credit scores track all your lending activity, which also applies to loans.
– There are many entities that update credit scores. These scores provide a way for financial institutions to analyze an individual’s re-payment history
-Entities that calculate and record credit scores include CIBIL, Experian, Equifax, or CRIF High Mark.
-These entities can provide users with their latest credit scores. Once you calculate your credit score using any of the credit bureaus mentioned above, it will show active loans or credit cards under that name.
If you find an open credit line or a loan that you have not applied for, it indicates that your PAN card has been misused.
-You can visit the official website of credit bureau to get your latest credit scores. You will need to provide some of your personal information to generate the latest credit scores.
-If you spot some suspicious activity on your credit account, you can report it to the concerned financial institution to get more details about the activity.