Your creditworthiness plays an important role in determining loan eligibility. The lender checks your credit report when you apply for a loan. So keeping it in the desired range is of the utmost importance when you want a loan.
Creditworthiness determines your ability to repay the debt on time to the lender. The higher the score, the better your chances of getting your loan application approved.
There are many financial institutions where you can check your credit score for free with monthly updates. Your PAN is one of the documents you need to provide in order to get your credit score for free online.
The CIBIL credit report can be obtained once a year if you check your credit report. Only CIBIL itself can provide you with a CIBIL Score that is more accurate and up-to-date than any other website. To obtain your CIBIL Score from their official website, follow these steps:
Checking your CIBIL score with a PAN card is as easy as following these steps:
Here are the steps to check your CIBIL Score
- Please visit https://www.cibil.com/ (CIBIL’s official website) for more information.
- Choose ‘Get Your Credit Score’ from the top right menu, or
- Click here to access https://www.cibil.com/creditscore/
- Choose a subscription method, if applicable
- You will need to enter your PAN card number
- Please enter your e-mail address
- Date of Birth: Enter your birthdate
- Choose a gender
- The captcha code needs to be entered
- Accept the terms and conditions
- “Proceed to Payment” should be clicked
Your CIBIL Score/CIR can be accessed using your e-mail ID and password if you checked it earlier. First-time credit checkers will be redirected to the payment page. After making payment, you can select the method of delivery of the score and report. If you want a physical copy of the report, you can receive it by mail or by email.
You can request the CIBIL Score using your basic personal details such as your name, date of birth, identity proof number from another document, address, and telephone number if you do not have a PAN Card number.
Why do we need PAN Card details to check the CIBIL Score?
An individual can be identified by a unique PAN Card number by presenting a PAN Card. In addition, most individuals’ PANs are associated with their financial accounts and bank accounts. PAN cards make it easier for credit bureaus to find your details. It is used only to locate your credit information and authenticate it by using the associated information when you enter your PAN Card number to view your CIBIL score.
If you do not have a PAN Card, you can still request your CIBIL Score using your Passport, Voter ID, or Driver’s License number.
Effects of PAN Change on CIBIL Score
When you request a duplicate PAN card due to a lost or stolen PAN card, your CIBIL/Credit score will not be affected since the PAN number remains the same. It is advisable to surrender one PAN card if you have two different ones.
Your CIBIL score might also be affected by a newly issued PAN card. Because your credit score is based on your credit history, which is linked to your PAN card. A newly submitted PAN application will likely show a red flag in the TransUnion CIBIL database.
To know how to surrender multiple PAN cards, click here.
Other Factors Affecting Your CIBIL Score
The following are the major factors that influence your CIBIL Score:
1. Multiple Hard Enquiries
Lenders will view your application with caution if you’ve recently applied for multiple loans and credit cards. The reason is that this behavior indicates your debt burden has increased, negatively impacting your credit score.
2. Bad payment history
Your CIBIL credit score will be negatively affected if you make repeated late payments or miss your EMIs. You can increase your CIBIL score by maintaining a track record of timely EMI and credit card payments.
3. The Right Credit Mix
An unsecured loan (such as a personal loan or credit card) mixed with a secured loan (such as a car loan or mortgage) is likely to improve your credit score. Keep an eye on your unsecured loans. However, it has a relatively small impact on your score. The fact that you have a lot of unsecured loans and unsecured loans. You should not be prevented from getting a secured loan because of these loans. of these loans.
4. High credit utilization
A high credit utilization ratio or maxing out your card frequently indicates that you are overly dependent on credit and have a high repayment burden. This may negatively impact your credit score. You should keep your credit utilization below 30% of your total credit limit. You as a borrower don’t seem to be credit-hungry and the chances of you defaulting are slim.
FAQs
How does a PAN change affect my CIBIL score?
When your PAN card is lost or stolen, you need to get a new one. As your PAN number remains the same, this will not affect your CIBIL score. You should surrender one of your PAN cards if you have two.
As your credit score is linked to your credit history, which is mapped to multiple banking transactions, date of birth, and address, receiving a brand-new PAN card may impact your CIBIL score. If you apply for a reissued PAN, your TransUnion CIBIL profile will be flagged as red.
How does a newly issued PAN card score on CIBIL?
When applying for a replacement PAN Card without a PAN number, your CIBIL score will be affected and this will appear as a red flag.
What happens if you lack a PAN card?
In the absence of a PAN card, you can always use your name, date of birth, ID proof, and mobile number to access your CIBIL score.
