PAN (Permanent Account Number) is a 10-digit unique identi- fication alphanumeric number issued by the Income Tax De- partment that is assigned to people who pay or are eligible to pay taxes in India. PAN card is a Government-approved valid and useful identity proof document that has a linkage of your IT returns, bank documents and various other financial accounts. PAN card acts as a mandatory identity proof that helps in checking your credit score from the leading 4 Credit Information Companies (CICs) or credit bureaus in India, named TransUnion CIBIL, Experian, Equifax and CRIF High Mark.

Your original and valid PAN card is required to check your free CIBIL score from TransUnion CIBIL. Here you can check CIBIL score by PAN card without any negative impact on your score. You can also check your free CIBIL score along with your PAN card by using your date of birth, mobile number, PIN code and email address. PAN card helps the applicants to check CIBIL score or CIBIL report within minutes and receive monthly updates.

Steps to check your CIBIL score using your PAN card

A good CIBIL score can help you avail loans or credit cards easily. Checking and downloading your free CIBIL report using a PAN card is really simple and convenient. Just follow the below mentioned steps to obtain your credit score with monthly updates.

Step 1: Visit the official CIBIL’s website www.cibil.com.

Step 2: Under the section ‘Personal’, click on ‘Get Free CIBIL score and report’

Step 3: Create your account, if you are a first time user by adding Personal information, such as full name, email address, date of birth, PIN code and mobile number

Step 4: Click on the ID type drop down to select Income Tax ID number (PAN) followed by ID number and click on Accept & Continue

Step 5: Verify your details via OTP authentication and click on ‘Proceed to Payment’

Step 6: Once the payment is through, your CIBIL report shall be sent to your email address within 24 hours.

What is CIBIL score & Ways to Improve It

CIBIL score is a 3-digit numeric generated and calculated by the India’s leading Credit Information Company (CIC) named TransUnion CIBIL Limited. Your CIBIL score is calculated as per the consumer credit information provided to the credit bureau by the member credit institutions, including banks and NBFCs. It highlights the applicant’s creditworthiness, borrowing capability and past credit behaviour. CIBIL score ranges from 300-900 wherein any score as close to 900 displays you as a credit responsible borrower. Good CIBIL score helps you avail credit facilities, such as loans and credit cards at ease with added benefits.

Ways to improve your CIBIL score

Follow the below mentioned key measures to gradually improve your CIBIL score, as it takes time and not an overnight process:

• Regularly monitor your CIBIL report for errors and resolve them at the earliest to avoid any dip in credit score
• Pay-off your existing loan EMIs and credit dues in time
• Maintain your credit utilization ratio under 30%
• Apply for new credit within your limit, as too much debt, if not paid-off in time, could damage your CIBIL score
• Maintain a healthy credit mix of unsecured and secured loans
• Do not apply for multiple credit cards or loans in short duration or at one time
• Avoid being a co-applicant or guarantor for a loan, if you have doubt that the borrower might default
• Opt for a longer repayment tenure while taking a loan to ensure easy and affordable EMIs

These measures if followed dedicatedly can assure you a good CIBIL score in a few months and even further. If you are New-to-Credit (NTC) or have no credit history, still these tips can help you once you start building your CIBIL score. Overtime you can improve your credit score and get instant loans or credit cards of your choice.

Conclusion:

While you enter your PAN card details to check CIBIL score, it is only used to check your credit products, such as loans or credit cards and no other financial or account details. Therefore, there is nothing to worry while mentioning your PAN card details with any credit bureau. The most important thing to remember is that in case your PAN card is lost or stolen, then you should only request for a Duplicate PAN card and not a New PAN card. As your duplicate PAN number shall remain the same and will not negatively impact your CIBIL score. Whereas, in the case of new PAN card your previous or existing credit details shall be deleted, as it is new PAN number and the TransUnion CIBIL’s database may show a red flag making it difficult for you to avail new credit products based on your current credit details that shall be near zero.