CIBIL Score as well as credit score generated by other credit bureau are now vitally important whether you want to take a home loan, car loan, personal loan or a credit card. CIBIL or Credit Information Bureau of India Limited is one of the four credit bureaus in India that generates credit reports and credit scores for every individual based on their credit history. Lenders usually check the CIBIL score every time you submit an application for a new loan or credit card to get a snapshot of your credit health and history, which determines your ability to repay debt on time. Hence you should check your CIBIL score using PAN card or one of the other methods mentioned below to know your chances of being approved for a new loan or credit card ahead of time.
Do I need PAN Card to Check CIBIL Score?
Having a PAN card is not mandatory to check CIBIL score. One can get CIBIL report and score by providing details of other identity proof like passport number, voter ID number or driver’s license number. However, PAN card is a necessary document if you are applying for a credit card or a loan, banks and other lenders have made it mandatory to submit PAN card details, while applying for credit card and loans as it is associated with all financial transactions.
How to Check CIBIL Score By PAN Card
CIBIL provides free credit report and score one in a year for every individual. To get your free CIBIL report, follow these steps:
- Visit the TransUnion CIBIL website free credit score page
- Enter a few key details like full name, date of birth and gender
- In the identity proof section, select ‘Income Tax ID Number (PAN).’ Enter its number.
- Choose the income type and monthly income.
- In the next section, enter your address, telephone number and email address.
- Click on ‘Submit’
- You will receive your FREE credit report and score within 24 hours in your inbox.
In case you have already opted for Free CIBIL report for the current year, you need to follow these steps:
- Visit the credit score page on the TransUnion CIBIL website
- Enter details like PAN number, email address, date of birth and gender.
- Choose the product you wish to purchase.
- On the next page, you will be asked to fill more details like full name, address and phone number. Once you enter them, you will be asked few questions about loans and credit cards. Answer them carefully.
- Your CIBIL report and score will be sent to your email ID within 24 hours.
What If I Don’t Have A PAN Card?
As discussed earlier, PAN is not necessary to get CIBIL score. If you don’t have a PAN card, here are the steps to follow in order to get your CIBIL score and report.
- Visit the TransUnion CIBIL website credit score page
- Click on “No PAN?” This will direct you to another page of ‘CIBIL online credit score request form.’
- Choose the product you want to purchase
- Fill in the details like full name, date of birth and gender.
- Choose the identity proof, other than PAN card, which you wish to use like Passport, Voter ID number or Driver’s License. Enter its number.
- Enter and submit your address, phone number and email address.
- You will receive your CIBIL credit report and score in your inbox.
Effects of PAN Change on CIBIL Score?
PAN card helps in preventing tax evasion and it acts as a proof of identity, especially when it comes to any type of financial transactions. In case your PAN card is lost or stolen and you have requested for a new one, then it won’t have any effect on your CIBIL score as the PAN number will remain same. However, if you have two different PAN, then it is advisable to surrender one in order to avoid any issues.
Also, getting a new PAN might affect your CIBIL score. Since this score is based on your credit history which is mapped to multiple banking transactions, address, date of birth etc. So, if you apply for a new PAN, then the TransUnion CIBIL database will probably show a red flag on your account.
Other Factors That Affect Your CIBIL score
Following are the major factors that influence your CIBIL score:
Payment History
Making repeated late payments or defaulting your EMIs will negatively impact your CIBIL credit score. Maintaining a track record of timely EMI and credit card due payments is arguably the single most important factor impacting your CIBIL score.
Multiple Hard Enquiries
If you have recently applied for multiple loans or credit cards and those applications have been sanctioned, then the lenders will view your application with caution because this behavior indicates your debt burden has increased, thus impacting your score negatively.
High Credit Utilization
An increase in the current balance of your credit card shows that there is an increase in the repayment burden, thus affecting your credit score negatively.
Right Credit Mix
Having a balanced mix between secured loan (car loan or home loan) and unsecured loan (personal loan or credit cards) is likely to have a positive effect on your credit score.
Other than this, if any of the cheques has bounced in the past or you have been defaulted as a guarantor, then that will also affect your credit score negatively. In order to make sure that your credit score is on the higher side, make sure you pay all the credit bills on time, avoid taking too many unsecured loans and keep the right mix while applying for credit.