[ecis2016.org] In this article we explain how to find out your CIBIL Score by using your PAN card number.
The most well-known of the four credit information providers licensed by the Reserve Bank of India is the Credit Information Bureau (India) Limited (CIBIL). CIBIL Limited keeps credit records on 600 million citizens and 32 million companies. TransUnion, an American multi-national company, owns CIBIL India. As a result, credit scores in India are often referred to as the CIBIL TransUnion score. Did you know that you can conduct a CIBIL Score check free online by PAN number? In this article we explain how to find out your CIBIL Score by PAN card.
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The CIBIL Score, varying between 300 and 900, is a numerical assessment of your credit rating. The higher your credit score, the stronger your credit rating.
When applying for a mortgage or credit card, your CIBIL Score is highly significant. This score demonstrates your financial stability. Your credit history is included in the credit report, which shows you the credit or CIBIL Score. It tells banking institutions about how you manage your funds and whether you are creditworthy or not.
When reviewing loan or credit card applications, banks and financial institutes perform a CIBIL score check. If you have a poor CIBIL Score, they might decline your application or levy a higher rate of interest. However, if you have a strong CIBIL Score, they may comfortably approve your application.
How is PAN or Aadhaar linked to one’s CIBIL score?
When applying for any credit, along with your CIBIL score, the lending institution will verify your Aadhaar and PAN card, to authenticate your identity. To file tax returns, the Indian government has made it mandatory to link the Aadhar card to your PAN card. The PAN number is linked to people’s financial and bank accounts. This makes it easy for credit companies to locate your information. While applying for a loan, it is mandatory to submit your PAN card to the bank.
If your PAN card is missing or stolen and you obtain a replacement, your CIBIL/Credit score will not be affected because the PAN number will stay the same. However obtaining a new PAN number may have an impact on your CIBIL score. This is due to the fact that your credit score is dependent on your credit history, which is linked to your previous PAN card. If you request a new PAN, the CIBIL system will most likely raise a red flag on your profile.
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Process to Find CIBIL Score with PAN card
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Any individual can view their credit score for free, once a year, on the CIBIL website or buy a subscription to track their credit score at frequent intervals. The steps to check for a free CIBIL credit score via PAN Card are:
Step 1: Visit CIBIL’s official website at www.cibil.com and next click ‘Free credit score.’
Step 2: On the page that opens, fill in the basic details, as shown below.
Step 3: Under ‘ID Type’, select ‘Income Tax ID number (PAN)’. Enter the valid PAN number in the next field marked ‘ID Number’.
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Step 4: Next, fill in the monthly salary and the type of income. Ensure that you provide your contact details as well, such as a mobile number and an email id.
Step 5: Lastly, after confirming all of the provided information, click on ‘Accept & Continue’.
After successful verification of your ID, you will receive your credit score through email within 24 hours of completing your application.
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Effect of linking PAN and Aadhaar on CIBIL
The linking of Aadhaar and PAN is required. The following are some of the advantages of doing the same:
- By linking Aadhaar and PAN, you can prevent individuals from exploiting your PAN number, which might result in a fraudulent credit report. It can be unfavourable for people who have never applied for a credit card or a loan.
- If you wish to access a credit bureau portal, you must provide a PAN number to prove your identity. Now since the PAN and Aadhaar numbers are connected, this minimises duplication.
- The linkage of PAN number with Aadhaar number assists in tracking those who use several PAN numbers and request credits at various institutions. This makes it simple for banks to detect fraud.
How can i improve my CIBIL Score?
Here are some ways you can practice to improve your CIBIL score:
- Pay all dues within the due date.
- Check your free CIBIL score on a regular basis, to review the report
- Maintain a healthy credit utilisation ratio and credit mix
- Avoid making repeated enquiries
- Do not exceed your credit limit
- Avoid closing old accounts unless absolutely necessary
- Keep a track of co-signed loans
- Obtain at least one credit product.
These simple steps will assist you in improving your credit score to over 750. With this score you can get credit at lower interest rates.
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