Can your PAN card help you to check your credit score?

Yes, you can check your credit score by PAN card. The permanent account number or PAN is unique to an individual. It also accounts for your credit information. 

The compulsory linking of the PAN card to a bank account has made it easy for credit bureaus to authenticate your information, if required. It is helpful when an individual has multiple bank accounts, credit cards, and active loan products.

Let’s understand why a credit score is important and how you can track it with your PAN card.

What is credit score?

A a credit score is a three-digit number. It represents your credit history. For instance, a credit score may reflect your repayment patterns and overall debt. 

The credit score determines your credit risk. It is essential when applying for a loan or credit card. The lender approves your loan application after doing a background check on your credit score. 

Regularly checking your credit score will give you a better understanding of your creditworthiness. It will also help you plan your finances better.

What is a good credit score in India?

The credit score number ranges from 300 to 900. Lenders have a credit scoring model which enables them to determine the borrower’s credibility.

Approval probability for a loan or credit card increases with an increase in the credit score. Scoring upwards of 750 is ideal. A lender may consider your application if you have a range of 650-699. Less than 650 is considered dissatisfactory.

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How to check credit score by PAN card

Considering the importance of your credit score, it is always better to keep track. The PAN card is ubiquitous – it is a valid identity proof across India. Monitoring your CIBIL report with a PAN card also helps to flag fraudulent activities.

Here is a step-by-step guide to checking your credit score by PAN card:

  • Visit the official website of CIBIL and log in. 
  • You will find the ‘Get your credit score option’ on the first banner of the page – click on it.
  • Select a subscription model as per your preference. You can skip this step if you want to check your credit score just once.
  • Fill in your personal information on the CIBIL website – date of birth, email address, gender, and registered phone number.
  • Create a strong password for your account.
  • For your identity proof, select ‘income tax ID (PAN).
  • Verify your identity by answering a few questions.
  • You will receive an OTP on your registered number and email address from CIBIL. Log into your new account with this OTP.
  • Fill out the form, accept the terms and conditions and finish the payment.

Before you check your credit score online:

  • Beware of fraudulent websites that promise you free credit reports. Always visit the official website of CIBIL for credit information. One tip is to ensure you are typing the correct address by adding ‘https.’
  • Do not share the OTP you receive after logging into your CIBIL account.
  • Make sure you have a strong password ready for your CIBIL account. Do not store the CIBIL password on your device.
  • A stable and secure internet connection is crucial when creating your CIBIL account. It prevents exposing your data to hackers.

Why check credit score by PAN card

Suppose you have multiple bank accounts and credit products. Your PAN card has links to all of them. It acts as ID proof for an individual and verifies their credit information. Financial institutions find it easier to verify you when you check your credit score with the PAN card.

The PAN card allows individuals to have a unique, ten-digit identity number. Its sole purpose is to locate your credit information. 

Linking your PAN to your bank accounts is mandatory. It helps credit bureaus to gather credit information.

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How PAN card affects your credit score

The PAN card can have an impact on your credit score. If you request a duplicate PAN card, your credit score remains unchanged. Why? Your credit score remains the same as long as your PAN number is the same.

However, obtaining a new PAN card can affect your credit score. The credit bureau may flag this change in your credit history. The credit bureau’s database considers your credit history in its entirety. A new PAN card may confuse the database. Essentially, your PAN number and credit history affect the credit score.

Wrapping Up

The credit score is pivotal to your financial planning. Keeping tabs on it helps you manage your finances better. You no longer have to worry about a drawn-out procedure for checking your credit score. The PAN card makes checking your credit score a seamless process. You can check the score online and monitor your credit history. 

Frequently Asked Questions

I lost my PAN card. Will my credit score be affected?

No, losing your PAN card won’t affect your credit score. The PAN card number remains the same even after you’ve misplaced it. You can request a replacement for your PAN card in the meantime.

Is it possible to check my credit score if I lost my PAN card?

You can check your credit score if you have lost your PAN card or requested a replacement.

Is it safe to check credit score online?

Yes, it is safe to check the credit score online. Just make sure you’re using the official CIBIL website.

Can I have two PAN cards?

Owning two PAN cards is punishable by law in India. Any individual in possession of two PAN cards must pay the penalty.