A three-digit figure called a CIBIL score represents your credit report. If your CIBIL score is close to 900, which ranges from 300 to 900, it is regarded as a good score. On the other side, there are fewer chances for you to incur any debt if your score is closer to 300. As a result, it’s not favorable to routinely check the CIBIL scores to maintain them. The CIBIL score is the credit score determined by TransUnion CIBIL. It monitors and tracks one’s credit history and also issues credit scores ranging from 300-900.
| CIBIL Score Range | Rating |
| 300-500 | Poor |
| 550-650 | Average |
| 650-750 | Good |
| 750-900 | Excellent |
The organization is known as Credit Information Bureau (India) Limited. An NBFC, a large bank, and one of India’s four major credit bureaus are all associated with CIBIL. Experian, Equifax, and CRIF Highmark are the other three well-known bureaus. Each credit bureau has been authorized by the Reserve Bank of India (RBI). The credit rating that CIBIL determines is known by the acronym “CIBIL score.” Your CIBIL score is available on the credit bureau’s official website. You are not charged for your grade. Your CIBIL score is included in a CIBIL report, commonly referred to as a Credit Information Report (CIR), which is a running account of details about your credit and loan history. It needs to be highlighted it is possible to run a CIBIL score online by using PAN Card.
Read: How to Improve CIBIL Score
The Formal Name for CIBIL
The term Credit Information Bureau India Limited, or CIBIL, is an organization that manages and maintains credit records of various businesses, corporations, and people for lenders to distribute loans based on such records. The data that the banks and other lending institutions provide to CIBIL is used by this company to determine the CIBIL score.
Check CIBIL Score With PAN Number
Your PAN makes it easier for CIBIL to immediately collect your data because it is connected to your banking statements and tax payments. Anyone can check their CIBIL score using their PAN Card for free, once per year, or more frequently by paying the necessary charge. The procedures to use the PAN card to check the CIBIL score are listed below.
The steps below must be followed in order to verify the CIBIL score using PAN Card:
- Log in to the CIBIL portal.
- By pressing the button located in the upper right-hand corner of the screen, you can get your CIBIL score.
- Choose one of the options for recurring payments.
- Your birth date, phone number, and email address must be filled out.
- Make a password for your login.
- After selecting “Income Tax ID (PAN)” as your ID type, enter your PAN.
- Ensure that you “verify your identity” and answer all questions correctly.
- Finish the actions listed under “Make Payment.”
- Avoid the subscriptions and go right to your account if this is a one-time need.
- Entering your email address or OTP will allow you to log in to your account.
- Specify your information in the form that appears.
- Your CIBIL score will be available when you submit the form.
Some Important Points to Remember:
- The PAN verification service can be used once a year to verify your CIBIL score for free by using your PAN number.
- If you don’t have a PAN card, you can still get your CIBIL score by presenting identification documents like your passport, voter ID, or driver’s license.
Importance of PAN Card to Check CIBIL Score
A CIBIL score is different from a PAN, or Permanent Account Number. PAN, a special alphanumeric identification number given to Indian nationals, is different from your credit score, which is called a CIBIL score. PAN is essential since it prevents tax avoidance and acts as identifying documents. PAN is a single digit. No two people are allowed to share the same PAN. Section 139A (7) limits the number of Permanent Account Numbers that a person may have to one. Even if you lose your PAN card, a duplicate with the same number will be issued. If there are mistakes, you can email CIBIL your complaint or send it by regular mail.
How to Find Out PAN Card Has Any Loans?
For the CIBIL score, a Permanent Account Number, or PAN card, is a crucial document. A PAN card linked to a person’s bank account can be used to check the CIBIL rating. The majority of private information is available online, and anyone can carelessly abuse it. The most current fraud on this list involves con artists using your PAN card information to submit speedy loan applications to apply for loans.
To find out if a debt has been issued using your PAN card, examine your credit record. Your credit report will contain information about any credits and loans that were issued in your name. You will then be able to assess whether there are any loans that you did not authorize.
Every year, people have the right to one free credit report. India also has four credit bureaus, so you can get four free credit reports a year from each of them. From any fraud, you can protect yourself. When it comes to the query “does checking CIBIL score influence CIBIL score,” take a deep breath and keep in mind that this mild inquiry won’t harm your score.
Effect of PAN Card Change on CIBIL Score
As far as your CIBIL score is concerned, changing your pan number or PIN won’t affect it. Your date of birth, financial activity, residential address, and other details are also included in your credit report. As a consequence, if the PAN changes in your account, CIBIL’s software will typically display a warning in your account informing you of the change. It is advised that people not change their Permanent Account Number to improve their credit score. If they want to raise their CIBIL score, they have further possibilities.
