A PAN (Permanent Account Number) and a CIBIL Score are different. PAN is an alpha-numeric identifying number assigned to Indian citizens, while Credit History is your credit rating. PAN is important since it helps avoid tax dodging and helps as identity verification. Since it is an identification code, no two people must have the same PAN. Article 139A (7) states that a person shall only have one Permanent Account Number. Users can also check CIBIL scores by PAN card.
If you alter your Credit card on registration, your CIBIL rank will not be altered. Your birth certificate, financial transactions, residence, and so on are all included in your credit history. If you change your PAN, the CIBIL program will likely warn your profile. People are not advised to modify their additional credit card numbers to improve their credit records. If they wish to improve their CIBIL score, they have other possibilities.
Why do we require PAN card information to verify the CIBIL score?
A PAN card is a basic certificate that may recognize a user by utilizing the distinctive PAN card details. Furthermore, PAN is linked to most social, financial, and saving accounts. PAN makes it easy for credit companies to obtain your information. When you enter your PAN Card number into the CIBIL score check, it is used to locate your payment information and authenticate it via the linked details.
If users do not have a card number, they may still obtain a credit record by providing the identification proof number found on their identity card or driving license.
How can anyone check CIBIL score with a PAN card for free?
Follow these procedures to check CIBIL score by pan card:
Step 1: Navigate to the CIBIL website, https://www.cibil.com
Step 2: Choose ‘Get your Credit History’ from the drop-down menu.
Step 3: Click on ‘to obtain your free or discounted CIBIL Score.’
Step 4: Fill out the form with your name, contact information, and account. Please provide one of your identifications (PAN card, passport number, Aadhaar, or Voter ID). Then, input your data, such as your username and password, birth date, and email id.
Step 5: Select Accept and proceed.
Step 6: An OTP will be sent to your phone number. Click ‘Proceed’ after providing the OTP.
Step 7: Go to your panel and verify your credit history.
Step 8: You will be redirected to myscore.cibil.com.
Step 9: After logging in, select ‘Membership Login,’ and you’ll discover your CIBIL score check.
The PAN Card is among the simplest techniques of confirming a person’s CIBIL credit rating. The Internal Revenue Service issues the PAN card, India’s official identity card. It is amongst the most important papers in a person’s life, and it may be used as KYC certification for several purposes.
The effect of PAN and Aadhar on credit rating
Your Credit rating is highly significant when asking for a loan or credit card. The credit score ranges between 300 to 900, and the registration is handled accordingly. A better credit score decreases loan rates, whereas a lower credit score drastically increases financing costs.
The IRS issues PAN cards, which have a 10-digit alphanumeric value, but UIDAI generates an Aadhaar card with a 12-digit number.
The Indian government has made it mandatory to connect an identification number to the PAN card to submit tax statements in India. Everyone who fails to comply threatens to obtain their ITR disallowed by the Internal Revenue Service. The timeline for connecting Aadhaar and PAN credentials has been imposed by the Financial Conduct Authority (FCA) (CBDT) on March 31, 2018.
National identification and CIBIL grades are important for individuals even though they aid in creating a distinct identity.
This article helps an individual establish creditworthiness, allowing them to qualify for a private loan or a vehicle loan. Consumers who use multiple PAN cards and seek loans at many banks are monitored using a PAN identity and the Aadhaar identity link. This helps financial organizations to detect people who commit fraud. Including an Aadhaar card, one may obtain their Credit record. It is useful when registering for a revolving credit score.