To qualify for a loan from credit institutions such as banks or NBFC, you must meet certain eligibility criteria. One of them is good credit. A credit score provides information on financial health based on past financial history and transactions and indicates whether the borrower can repay the loan on time.
Most banks verify CIBIL’s creditworthiness before obtaining a loan. CIBIL is the oldest and most popular credit bureau in the country and offers credit ratings between 300 and 900 based on financial transactions over the last six months, with 900 being the highest credit rating.
How can I get a free PAN credit card?
People can also check their credit scores to identify any irregularities in their credit reports and improve their credit scores. If you want to receive a free credit report, you can visit the official CIBIL website and check your credit history once a year.
Why do you need the PAN card details to verify the CIBIL score?
To verify your CIBIL score online through the CIBIL website, you will need your PAN card details. It is a generic document that serves as proof of identity and contains records of important financial transactions. Also, if you want to benefit from a credit or loan, ask the banks to present the PAN card as a mandatory requirement. This makes it easier for credit bureaus to find your credit information efficiently since PAN is linked to all bank and financial accounts of most people.
How to verify the CIBIL score with the PAN card?
These are some of the most common ways to obtain your CIBIL score through a PAN card:
Steps to check the CIBIL result on the CIBIL website
To get a free credit score, you need to follow the steps below.
- Visit https://www.cibil.com/freecreditscore/.
- Add in your details like full name, date of birth, and gender.
- In the Proof of Identity section, select Tax Identification Number (PAN) and enter the PAN number.
- Now choose the type of income and the monthly income.
- Then enter your address, phone number, and email address and click “Submit.”
- Finally, you will receive your FREE credit in your inbox within 24 hours.
If you have purchased a subscription to CIBIL, you can obtain a credit report by following the steps below.
- First, visit the official CIBIL website by clicking https://www.cibil.com/.
- Now click on “Get Your Credit Score” in the upper right corner.
- Then choose the subscription method.
- Enter your PAN card number, email address, date of birth and captcha code, etc.
- Finally, accept the terms and conditions and click “Proceed to payment”.
- You will now receive a credit report via your email address within the next 24 hours.
Steps to verify the CIBIL score on the Paytm platform
Paytm, a popular online shopping and payment digital platform application for utilities can also be used to verify your CIBIL score. Follow these easy steps to get your CIBIL score in the Paytm app.
- First, log in to your Paytm platform.
- Enter the credit score in your search tab.
- You will then be redirected to a new page. Submit your details such as PAN card number, date of birth, and CAPTCHA code, and click Submit.
- Now you can see your CIBIL score.
What if you don’t have a PAN card?
If you do not have a PAN card, you can request access to your CIBIL score based on your personal information such as name, date of birth, proof of identity from another document and address, and mobile number, etc.
Influence of the new PAN card on your CIBIL score
If your PAN card has been lost or stolen, you can request a duplicate PAN card. This will not affect your credit score as your PAN number will remain the same. However, if you do not have a PAN number and have applied for a new card, the PAN number will change and this will affect your creditworthiness.
Other factors that will affect your CIBIL score
These are the factors that can affect your CIBIL score.
- Late payments: the credibility of the borrower is determined by its ability to pay off debts. If the borrower does not make payments on time or defaults, the credibility of the person will be compromised, resulting in bad credit.
- Debt-to-income ratio: If a person has taken out multiple loans and the sources of income are lower relative to the debt incurred, it indicates a poor credit rating.
- Types of Investigations Conducted: An informal investigation of the lender’s or borrower’s credit history will not appear on the credit report. However, having multiple lenders verify your creditworthiness could affect your creditworthiness.
- Credit card usage – Missing credit card payments and high credit card usage also have a negative impact on your creditworthiness.