Complete Guide to Checking CIBIL Score Online Using a PAN Card
CIBIL score is the most important part of your credit report. Banks and other financial institutions check it before giving you credit cards or loans. Understanding, monitoring, and managing your credit score is essential to increase your chances for loan approvals. There are multiple ways to check your CIBIL score, including using a PAN card. This article outlines how to do a CIBIL score check online with a PAN card.
Importance of a PAN Card in a Credit Report
A PAN card has a unique 10-digit alphanumeric number. It is issued to any tax-paying individual to track their financial transactions. When you open a bank or any other financial account, your PAN card is directly linked to it.
Since your PAN card is linked to your accounts, any financial transaction you make is logged against your unique PAN number. All these logs maintained against your PAN card allow Credit Information Companies (CICs) and credit bureaus to locate all your details easily.
How to Check CIBIL Score Online Using Your PAN Card Number
There are two ways to do a CIBIL score check online with a PAN card: from CIBIL's official website or its authorised partner's website. In both cases, the steps are usually the same. Here's how to check CIBIL score with a PAN card:
- Visit the official CIBIL website or TransUnion CIBIL’s authorised partner websites, such as the one of Bajaj Markets.
- Select the "Get Your Free CIBIL Score" option.
- Add your basic personal information. This can include your first and last name, registered mobile number, email ID, date of birth, etc.
- Select "PAN" as the ID type and enter your PAN number.
- Click on the "Accept and Continue" button to proceed.
One thing to note here is that you will only get a free CIBIL score through these steps. Suppose you want to get a complete credit report, which includes additional information like your credit history, public information about you, inquiry information, etc. In that case, you will have to subscribe to CIBIL's website. TransUnion CIBIL offers three subscription plans: basic, standard, and premium. You can choose any of them based on your requirements.
Does a PAN Card Replacement Affects Your CIBIL Score
If your PAN card is lost, stolen, or damaged, you can request a duplicate PAN card. In this case, the unique alphanumeric identification number will be the same as on your original PAN card. Since all your previous transactions are mapped against this unique PAN card number, requesting a duplicate PAN card won't affect your credit score.
Importance of Checking CIBIL Score Regularly
Doing a CIBIL score check online with a PAN card is important to stay informed about your credit health. Here are some benefits of regularly checking your CIBIL score:
- It helps you make informed financial decisions.
- Aids in detecting any errors in your credit report.
- Allows you to assess your eligibility for credit cards and loans.
- It helps you plan your financial goals strategically.
- It gives you an idea of how you can improve or maintain your credit score.
It is important to note that although important, these checks should not be too frequent. Too many credit score checks within a short period can have a negative impact on your CIBIL score. Besides knowing how to check your CIBIL score, you should also learn how to interpret it, otherwise it won’t be useful. This makes understanding the factors influencing your CIBIL score essential. This will enable you to take the right action to increase it.
Factors Influencing Your CIBIL Score
TransUnion CIBIL calculates your credit score based on numerous factors like payment history, credit utilisation ratio, etc. Here are some factors to keep in mind:
Delaying Payments
One of the biggest factors influencing your CIBIL score is irresponsible payment behaviour. If you are not repaying loans, credit card bills, or other EMIs on time, your CIBIL score will be reduced. Maintaining a good record of timely repayment can help maintain your credit score and improve your chances of getting more credit cards or loans.
Applying for Multiple Credits Within a Short Period
The lender performs a background check on your credit history whenever you apply for any credit product. This is often referred to as a hard inquiry on your credit account. Applying for multiple credits within a short term shows that you are eager for more credit and questions your repayment ability.
High Credit Utilisation Ratio
The credit utilisation ratio refers to how much available credit you use. It is suggested that you use only 30% of your credit limit. For example, suppose you have two credit cards, one with a monthly limit of ₹1,50,000 and the other with a monthly limit of ₹2,50,000. In this case, you have a total monthly limit of ₹4,00,000. You should use only up to ₹1,20,000, which is 30% of the total credit limit. A high credit utilisation ratio for multiple months can reduce your CIBIL score.
Diverse Credit Mix
A diverse credit mix of secured and unsecured loans will positively impact your CIBIL score. However, to see the positive benefits, you should repay all these loans promptly.
Conclusion
Learning how to check your CIBIL score online with a PAN card is important for your financial well-being. PAN card details can help view your credit score for free and with an additional security layer, as no one will know your PAN card number unless you share the same. By accessing your credit report regularly, you can monitor and manage your CIBIL score and improve your chances of being eligible for loans.
Frequently Asked Questions
- Does my CIBIL score get affected when I update my PAN card?
No, your CIBIL score is mapped against your unique PAN card number, which is not changed even when you apply for a duplicate PAN card.
- Will I have to pay a fee to check my CIBIL score online using my PAN card?
You don't have to pay a fee to check your CIBIL score online using a PAN card. However, you might have to pay a small subscription fee to access your credit report.
- What CIBIL score does a newly issued PAN card have?
CIBIL score is not associated with a PAN card, but the user in the name of whom it has been issued. A newly issued PAN card, therefore, does not have a CIBIL score since there is no credit history associated. Having a PAN card is usually mandatory when applying for any credit. So, if you don't have a PAN card or are applying for any credit for the first time, you won’t have any credit history. Therefore, credit bureaus will not be able to calculate your CIBIL score.
- Can I check my CIBIL score online if I don't have a PAN card?
You can check your credit score online even if you don't have a PAN card using other identity proofs like passport number, voter's ID number, driver's licence number, or ration card number.
- Can I check my CIBIL score using PAN 2.0?
PAN 2.0 is just an updated version of the traditional PAN card. The new PAN 2.0 has a QR code that directly verifies PAN card details against the Income Tax Department's database. Since the PAN number does not change in PAN 2.0, it can be used just like the regular PAN, for CIBIL checks.
- If I lose my PAN card, will it affect my CIBIL score?
Losing your PAN card won't affect your credit score. You can apply for a duplicate PAN card and access your CIBIL score as the PAN number does not change.
- Can I have more than one PAN card?
Having multiple PAN cards with different alphanumeric codes is a punishable offence. According to Section 272B of the Income Tax Act, 1961, a person having more than one PAN card is liable for a penalty of ₹10,000. If someone is allotted multiple PAN cards due to any error, they should return it to the appropriate authority with immediate effect.
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