Know how to check CIBIL score through PAN card | Job Binary

What is a credit score?

Credit score, also known as CIBIL score, is a three-digit number ranging from 300 to 900, with 900 being the highest. It determines the general creditworthiness of the borrower, as well as their ability to repay the loan. A borrower’s credit score is based on a variety of factors including their existing debt, length of their credit history, repayment patterns and number of credit inquiries.

Checking your credit score and getting a report is a simple process as everything can be done online. Equifax, TransUnion (formerly known as CIBIL), Experian and CRIF Highmark are credit bureaus that assess your credit history and generate a report based on your financial habits. This report includes information about your credit score, personal information, transaction information, loans, and more.

Regularly monitoring your credit score will help you understand your creditworthiness.

If you have a high credit score, you will be eligible for various benefits such as better interest rates and longer terms on loans and higher credit card limits. You can check your CIBIL score through PAN card anytime by visiting the homepages of any credit bureau.

How to Check Credit Score Online Using PAN Card

Here is a step-by-step guide to follow to check CIBIL score through PAN card.

  • Visit the official website of CIBIL.
  • Log in to the page by entering your information.
  • After logging in, you will see ‘Get CIBIL Score’ option on your right top. Click on it.
  • Fill in your personal information and set a password. Log in to the CIBIL website with that password.
  • As your ID type, select ‘Income Tax ID (PAN)’.
  • Next, enter your PAN number.
  • Then click on ‘Verify Your Identity’ option. As part of the verification process, you will have to answer certain questions.
  • After that, log into your account using the OTP you received via SMS and email.
  • Fill the form carefully and submit it.
  • Your CIBIL score will be displayed on the screen.
  • You can also check your credit summary, score history and other information by subscribing to monthly, semi-annual or annual premium plans.

Importance of PAN Card to Check Credit Score

PAN card is required to check credit score for the following reasons:

  • All your bank accounts and financial data are linked to your PAN card.
  • The sole purpose of using your PAN card number is to check your credit history and verify your identity.
  • PAN card is a ubiquitous document that can be used to identify an individual using a unique PAN card number.
  • Your PAN card number is unique to you, making it easier for bureaus to find and access your credit-related data.
  • As per law and regulations you have to link your PAN card and Aadhaar card to your financial accounts. To identify people who have loans from multiple banks, financial institutions can identify them by checking the CIBIL score with the PAN card.

What is a good credit score?

When you apply for a loan, lenders use your CIBIL report to assess your ability to repay the loan based on your past credit behavior. Low CIBIL scores can lead to loan applications being rejected by financial institutions, while good CIBIL ratings can lead to quick loan approval for borrowers. A score of 750 or higher is ideal for loans with low-interest rates, while a score of 650 or higher (which can vary among lenders) is generally considered good credit.

Here are some more details about credit scores.

Details about credit scores.

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Details about credit scores.

Concluding comments

The importance of CIBIL score has increased over the past few years. Even if you don’t currently need a loan, keeping your CIBIL score in good shape is always essential. This is done so that if you ever need a loan, having a high CIBIL score makes it easier for you to get it. Before processing a loan request, financial institutions now carefully check the borrower’s credit history. A good CIBIL score has several advantages, one of which is that it makes it easier to get any type of loan at a low-interest rate. Therefore, you should check your credit score frequently and try to maintain a good score.

FAQs on How to Check CIBIL Score through PAN Card is hassle-free

How is a credit score measured?

A credit score is calculated and issued using the information and facts contained in your credit report. Several indicators are considered, including payment history (35%), amount owed (30%), length of history (15%), new credit (10%), and credit categories used (10%).

Is it mandatory to have PAN card to check credit score?

No. You can check credit score without using PAN card by providing information like your name, ID proof, date of birth and mobile number.

How does PAN modification affect my CIBIL score?

If you have misplaced your PAN card or it has been stolen, you can apply to replace your PAN card. Your PAN number will remain unchanged, so it will not affect your CIBIL score. If you have two PAN cards, you have to give up one of them.

How can I improve my CIBIL score?

You can increase your CIBIL score by paying off outstanding debts, settling bills on time, maintaining a good credit history.

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