Learn How to Check CIBIL Score by Pan Card Hassle-Free

What is a credit score

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

It is a simple process to check your credit score and get the report since everything can be done online. Equifax, TransUnion (formerly known as CIBIL), Experian, and CRIF Highmark are the credit bureaus that evaluate your credit history and create a report based on your financial habits. This report contains information such as your credit score, personal information, transaction information, debts, etc.

Regular monitoring of 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 loan terms, as well as higher credit card limits. You cancheck your CIBIL score by PAN card at any time by visiting any of the credit bureau home pages.

How to Check Credit Score Online Using PAN Card

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

  • Visit the official CIBIL website.
  • Log in to the page by entering your information.
  • After logging in, you will see an option “Get CIBIL Score” on the top right. Click on it.
  • Fill in your personal information and establish a password. Connect with this password to the CIBIL site.
  • As the ID type, choose “Income Tax ID (PAN)”.
  • Next, enter your PAN number.
  • Then click on the “Verify your identity” option. As part of the verification process, you need to answer a few questions.
  • After that, log into your account using the OTP you received via SMS and email.
  • Complete the form carefully and submit it.
  • Your CIBIL score will be displayed on the screen.
  • You can also review 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

A PAN card is required to verify credit score for the reasons listed below:

  • All your bank accounts and financial data are linked to your PAN card.
  • The only purposes for which your PAN card number will be used are to check your credit history and confirm your identification.
  • The PAN card is a ubiquitous document that can be used to identify a person using the unique PAN card number.
  • Your PAN card number is unique to you, making it easier for bureaus to find and access your credit data.
  • Your PAN card and Aadhaar card must be linked to your financial accounts according to law and regulations. In order to identify people who have loans from multiple banks, financial institutions can identify them by checking the CIBIL score with a PAN card.

What is a good credit score

When you apply for a loan, your CIBIL report is used by lenders to assess your ability to repay a loan based on your past credit behavior. Low CIBIL ratings can result in a loan application being rejected by financial institutions, but good CIBIL ratings can result in quick loan approvals for borrowers. A score of 750 or higher is suitable for low interest loans, while a score of 650 or higher (may vary by lender) is often considered good credit.

Here are some additional details about credit scores.

Show full picture

Credit rating details.

Closing comments

The significance of the CIBIL score has increased in recent years. Even if you don’t currently need a loan, it’s still essential to keep your CIBIL score in good standing. This is done so that if you ever need a loan, having a high CIBIL score will make it easier for you to get a loan. Before processing a loan application, financial organizations now carefully examine a borrower’s credit history. A good CIBIL score has several advantages, one of which is that it makes it easier to obtain any type of loan at low interest rates. So you should oftencheck your credit score and try to maintain a good score.

FAQs on How to Check CIBIL Score by Pan Card Hassle-Free

How is the credit rating measured?

A credit score is calculated and issued using the information and facts included in your credit file. Many metrics 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 a PAN card to check credit score?

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

How will changing the PAN impact my CIBIL score?

If you have misplaced your PAN card or if it has been stolen, you can request a replacement of your PAN card. Your PAN number will remain unchanged, so it has no effect on your CIBIL score. If you have two PAN cards, you must give up one.

How can I improve my CIBIL score?

You can increase your CIBIL score by repaying unpaid debts, paying bills in a timely manner, maintaining a good credit history, etc.

Disclaimer: This article is a paid publication and does not involve any journalistic/editorial involvement of the Hindustan Times. Hindustan Times does not endorse/endorse the content(s) of the article/advertisement and/or opinions expressed herein. Hindustan Times shall not be in any way responsible and/or liable in any way whatsoever for anything stated in the article and/or also with respect to the view(s), opinion(s) ), announcement(s), statement(s), affirmation(s) etc., stated/presented in the same.

Catch all the trade news, market news, breaking news and latest updates on Live Mint. Download the Mint News app to get daily market updates.

More less

Comments are closed.