How to Check Your CIBIL Score By Using PAN Card?

Introduction

A CIBIL score, a three-digit number ranging from 300 to 900, is a critical factor in determining an individual’s creditworthiness. It is derived from the individual’s credit history, recorded in the CIBIL credit report. A higher score indicates better credit health, making obtaining loans and credit cards easier at favourable terms. You should regularly check CIBIL score by PAN card, a unique identifier issued to all taxpayers in India.

Also Read: What is Good CIBIL Score?

Why PAN Card for CIBIL Score Check?

The PAN card is a critical document used for various financial transactions in India. It is a unique identifier for individuals and is linked to their financial activities. When checking your CIBIL score, the PAN card helps accurately identify your credit report from the database, ensuring that the information retrieved is specific to you.

Also Read: How to Increase CIBIL Score?

Step-by-Step Guide to Check CIBIL Score Using PAN Card

Here’s a detailed guide on how to check CIBIL score by PAN card:

• Visit the Official CIBIL Website (www.cibil.com).
• Navigate to the Free CIBIL Score Section.
• On the CIBIL homepage, look for the option to check your free CIBIL score. This is typically highlighted on the homepage or under the “Get Your CIBIL Score” tab.
• You will be directed to a page where you must fill in your details. These typically include:

1. Your full name as per PAN card
2. Date of birth
3. Gender
4. PAN card number
5. Contact number
6. Email address

• After filling in your details, you will need to verify your identity. CIBIL may send an OTP (One-Time Password) to your registered mobile number. Enter the OTP to complete the verification process.
• Once your identity is verified, you can view your CIBIL score. The website will display your credit score and your credit report summary. You can download this report for future reference.

Alternative Platforms to Check CIBIL Score Using PAN Card

Apart from the official CIBIL website, several other platforms allow you to check CIBIL score by PAN card. These include:

• Bank Websites: Many banks and financial institutions offer the service to check your CIBIL score for free if you are an account holder or credit cardholder. Visit your bank’s website and navigate to the section that provides credit score information. You will need to enter your PAN card details to access your score.
• Financial Service Websites: Various websites also provide free CIBIL score checks. These platforms usually require you to create an account and enter your PAN card details to retrieve your credit score.
• Mobile Apps: Financial service providers offer an easy way to check your CIBIL score. Download the app, sign up, and enter your PAN card details to view your score.

Also Read: MSME Loans

Importance of Regularly Checking Your CIBIL Score

Regularly checking your CIBIL score has several benefits:

• Monitor Credit Health: By regularly checking your CIBIL score, you can monitor your credit health and understand how your financial behaviour impacts your creditworthiness.
• Identify Errors and Discrepancies: Your credit report may sometimes contain errors or discrepancies that adversely affect your CIBIL score. Regular checks help you identify and rectify these issues promptly.
• Plan for Financial Goals: Knowing your CIBIL score can help you plan for future financial goals. A high score improves your chances of getting loans and credit cards at favourable terms, while a low score indicates areas where you need to improve.
• Detecting Fraudulent Activity: Regularly monitoring your CIBIL score can help you detect unauthorized or fraudulent activity in your credit report. Early detection can help you take necessary actions to prevent further damage.

Also Read: MSME Loans Eligibility

Factors That Influence Your CIBIL Score

Understanding the factors influencing your CIBIL score can help you manage and improve it. These factors include:

• Payment History: Your timely or late payment history significantly impacts your CIBIL score. Regularly missing payments or defaulting on loans can drastically lower your score.
• Credit Utilization: The credit utilization ratio, which is the ratio of credit used to the total credit limit available, affects your score. A high utilization ratio indicates higher credit risk, lowering your score.
• Length of Credit History: A longer credit history provides a better picture of your credit behaviour, positively influencing your score.
• Types of Credit: A mix of credit types, such as secured loans (home loans, auto loans) and unsecured loans (credit cards, personal loans), positively impacts your score.
• New Credit Inquiries: Frequent applications for new credit can lower your CIBIL score. Each application results in a hard inquiry, negatively affecting your score.

How to Improve Your CIBIL Score?

If your CIBIL score is low, you can take steps to improve your CIBIL Score:

• Pay Bills on Time: Timely payment of all dues, including credit card bills and loan EMIs, is crucial for maintaining a good credit score.
• Reduce Outstanding Debt: Paying off your loans and credit card balances reduces your outstanding debt, improving your credit utilization ratio.
• Avoid Multiple Credit Inquiries: Avoid applying for multiple loans or credit cards quickly. Each application results in a hard inquiry, which can lower your score.
• Check for Errors: Regularly check your credit report for errors or discrepancies and raise a dispute with CIBIL to correct them.
• Maintain a Healthy Credit Mix: A balanced mix of secured and unsecured loans can positively impact your score.

Conclusion

The most easiest way to Check CIBIL score by PAN card for maintaining your credit health. Regular monitoring helps you stay informed about your credit status, identify potential issues, and take corrective actions to improve your score. Following the steps outlined above, you can quickly check your CIBIL score and ensure you are on the right track to achieving your financial goals.

FAQs

1. How can I check CIBIL score by PAN card?

Ans. You can check CIBIL score by PAN card by visiting the official CIBIL website or through various financial service websites and apps. You must provide your PAN card details and other personal information for verification.

2. What are the steps to check my CIBIL score on the CIBIL website?

Ans. Below are the steps to check the CIBIL score through the CIBIL website:

• Visit the official CIBIL website.
• Navigate to the section to check your CIBIL score.
• Fill in your details, including your name, date of birth, and PAN card number.
• Verify your identity through OTP sent to your registered mobile number.
• Access and view your CIBIL score and report.

3. Are there any charges for checking my CIBIL score using my PAN card?

Ans. CIBIL offers one free credit report and score per year. Additional reports or scores within the same year may require a subscription or a one-time fee.

4. What if I don’t have a PAN card? Can I still check my CIBIL score?

Ans. A PAN card is the most common identifier for checking your CIBIL score. If you do not have a PAN card, you may use other ID proofs like your passport or voter ID, depending on the platform’s requirements.

5. What details are required to check my CIBIL score using my PAN card?

Ans. You will need to provide your full name, date of birth, PAN card number, contact number, and email address.