Steps to Check Your CIBIL Score Using Your PAN Card

The Credit Information Bureau (India) Limited (CIBIL) provides free credit scores to individuals with a credit card. Accessing your CIBIL score is a straightforward process that can be done through CIBIL's official website. You can easily check CIBIL score by PAN card. In this blog post, we will explore what a CIBIL score is, its importance, and the steps to check your CIBIL score using your PAN card.

What is a CIBIL Score?

A CIBIL score is a three-digit numeric summary of your credit history, rating, and report, ranging from 300 to 900. The closer your score is to 900, the better your credit rating. Typically, a score of 700 or above is considered good.

The Credit Information Bureau (India) Limited (CIBIL) is one of four credit information companies licensed by the Reserve Bank of India (RBI). The other three companies are Equifax, Experian, and Highmark. Among these, the CIBIL score is the most popular credit score in India.

CIBIL Limited preserves credit files on 32 million businesses and 600 million individuals. CIBIL India is a part of the American multinational group TransUnion. Hence, the credit scores are known as CIBIL TransUnion scores.

Why is CIBIL Credit Score Important?

The CIBIL score plays a crucial role when applying for a loan. When you apply for a loan, the lender first checks your CIBIL score and report. A high CIBIL score increases your chances of getting your loan application reviewed and approved, while a low score may result in your application being rejected outright.

The CIBIL score acts as a first impression for the lender, indicating your creditworthiness. The decision to lend, however, is solely dependent on the bank. CIBIL does not decide whether a loan or credit card should be sanctioned.

Steps to Check Your CIBIL Score by Using the PAN Card

You can check your CIBIL score for free using your PAN card through the official website of the Credit Information Bureau (India) Limited (CIBIL). Here's how you can do it:

Visit the CIBIL official website

Go to the CIBIL website (www.cibil.com).

Locate the CIBIL score

Look for the section under the 'Products & Services' menu where you can check your CIBIL score. It's usually prominently displayed there.

Fill out the required information

Enter your details, such as your full name as per PAN card, PAN card number, date of birth, contact information, etc.

Authenticate your identity

You may need to verify your identity through additional information or OTP (One-Time Password) verification.

View your CIBIL score

Once authenticated, you should be able to view your CIBIL score and get a detailed report if required.

Always ensure you are using the official CIBIL website to check your score to avoid phishing scams or unauthorized access to your personal information.

Also Read: How to Improve CIBIL Score - Smart Tips

Why Do We Need PAN Card Details to Check the CIBIL Score?

The PAN card is a crucial document that helps identify an individual through its unique PAN number. It is linked to most individuals' financial and bank accounts, making it easier for credit bureaus to locate their credit details efficiently. When you use your PAN card number to check your CIBIL score, it is solely to locate and authenticate your credit information using the associated details. If you do not have a PAN card, you can still request your CIBIL score using other identity proof numbers such as your Passport, Voter ID, or Driver's License.

PAN Change Effects on Credit Score

If you lose or have your PAN card stolen and request a duplicate, your CIBIL/credit score will not be affected because the PAN number remains the same. However, if you have more than one PAN card, you are advised to surrender one to avoid any problems. Getting a new PAN card could lower your CIBIL rating because your credit history is linked to your current PAN card. Requesting a new PAN may trigger a red alert in the TransUnion CIBIL database.

Factors That Affect Your CIBIL Score

Several factors can negatively impact your CIBIL score. Here are the four major ones:

• Irresponsible Payment Behaviour: Delayed, missed, or non-payment of loan EMIs or credit card dues can drastically lower your CIBIL score. Maintaining a good track record of timely repayments is crucial for a healthy credit score.
• Making Multiple Credit Applications: Applying for multiple loans or credit cards simultaneously or within a short period results in multiple hard inquiries on your credit report. It can depict credit-hungry behaviour and lower your CIBIL score.
• High Credit Utilisation Ratio (CUR): Frequently maxing out your credit card indicates overdependence on credit and a high repayment burden. To maintain a good CIBIL score, it is advisable to keep your CUR below 30% of your total sanctioned credit limit.
• High Outstanding Debt: A high amount of outstanding debt can harm your CIBIL score. It shows that you are over-leveraged and may have difficulty repaying additional debt.

Final Word

Knowing how to check your CIBIL score using your PAN card is essential for maintaining good financial health. Your CIBIL score is a vital indicator of your creditworthiness, impacting your ability to secure loans and credit cards. Following the steps outlined above, you can easily access your CIBIL score and take proactive steps to improve it if necessary. Regularly checking your CIBIL score can help you stay informed about your credit health and make informed financial decisions.