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Welcome to the backstage of your credit journey. It’s time to shine the spotlight on your financial tale, where every twist and turn shapes your credit saga. Here’s a peek into your personal credit narrative.
Your credit score is crucial in determining your ability to get a loan or credit card. It is a measure of your creditworthiness in numerical form. When you apply for a loan, the lending institution checks your credit score to decide whether to provide a loan based on your repayment capacity. If your CIBIL score is low, it projects you as a risky borrower with a high chance of default. On the contrary, a high credit score makes it easier to get credit. Maintaining a good credit score can also get you a loan with favorable repayment terms.
Given its significance, it is important to check your CIBIL score frequently. You can Check your CIBIL score with your PAN card for free. A CIBIL score gives you a clear picture of where you stand financially and whether you qualify for a personal loan or not.
Step-by-Step Process of Checking Your CIBIL Score by Using PAN Card
A CIBIL score check with your PAN card is the easiest way to check your credit score. The PAN card is an official identity proof that the Income Tax Authorities of India issue to taxpayers. It is an important document that a person holds and also serves as a KYC document for multiple purposes. It is linked with various financial records, like your bank statements and IT returns, and it has the most accurate details about your financial status.
For those wondering how to check their CIBIL score with a PAN card, here’s how you can do it for free online.
You can use online platforms like OneScore to check your CIBIL score for free:
Open the app and click on “Check My Score”.
Enter details such as your name, mobile number, and PAN card details.
As soon as you enter these details, you will be redirected to a page where you can check your CIBIL score online for free in seconds.
Why Are Your Pan Card Details Needed to Check Your CIBIL Score?
The PAN Card is the most important document when it comes to checking one’s CIBIL Score. As everyone has a unique PAN, our financial and banking related data makes it easy for credit bureaus to locate details efficiently. Anyone can check their Cibil score for free by using a PAN card on websites facilitating Cibil score checks.
Does Change of PAN Card Affect Your CIBIL Score?
Yes, it does. If you have two PAN cards, you must surrender one to avoid confusion, as it might affect your CIBIL score. Every PAN Card has a credit history linked to it, and the same person carrying multiple PAN Cards may end up with conflicting credit histories. On the other hand, if you lose or damage your PAN card, you can apply for a duplicate copy at the Income Tax Department. Getting a duplicate PAN card does not impact your CIBIL score, as it does not change your PAN number.
Additional Read: Fix Your Credit Score
4 Important Factors That Affect Your CIBIL Score
Payment History: A borrower’s payment history is the most important factor. Borrowers with a good credit repayment history assure lenders of timely repayments, resulting in the best loan terms.
Multiple Enquiries on Credit: If a borrower’s credit report shows a lot of hard inquiries in the recent past, it has a very negative effect on their credit score. Multiple inquiries show the borrower in a bad light, giving the impression that they are desperate for credit.
Credit Utilisation Ratio: This is the amount of credit you use from the total credit limit put together. It is suggested by experts that borrowers keep their credit utilisation ratio low and ensure a good credit score.
Credit Mix: A credit mix is one of the most common variables used for calculating a borrower’s credit score. Borrowers with multiple credit accounts, such as a home loan, personal loan, and credit card, indicate that they can manage multiple types of debt at one time.
And there you have it, folks - your ultimate guide to checking your CIBIL score using just your PAN card! As you continue to navigate the twists and turns of your credit journey, remember that you hold the pen to your credit story.
Edited by: Ankita Chavan