The Credit Information Bureau (India) Limited (CIBIL) maintains credit scores for individuals based on their credit history. A credit score is a three-digit number that ranges from 300 to 900 and represents the creditworthiness of an individual. 

Banks and financial institutions use this score to determine an individual’s creditworthiness and decide whether to lend them money or not. The Permanent Account Number (PAN) card checks CIBIL scores and obtains a credit report. In this article, we will discuss the role of a PAN card in preventing CIBIL scores and how to check your CIBIL score by PAN card.

Role of PAN Card in Checking CIBIL Score

The PAN card is a unique identification number issued by the Income Tax Department to individuals and companies. It is a ten-digit alphanumeric number that is used to track the financial transactions of an individual or company. The PAN card plays a crucial role in checking the CIBIL score as it is used to identify an individual in the CIBIL database.

When an individual applies for a loan or a credit card, the bank or financial institution checks their credit score from CIBIL. To check the credit score, the bank or financial institution needs the PAN card number of the individual. The PAN card number matches the individual’s credit history in the CIBIL database. If the PAN card number corresponds with the credit history in the CIBIL database, the credit score is retrieved and shared with the bank or financial institution. 

How to Obtain a Credit Report

Obtaining a credit report is essential as it helps individuals to understand their creditworthiness and take appropriate measures to improve it. The credit report contains detailed information about an individual’s credit history, including credit score, processing fee for a personal loan, credit utilization, credit inquiries, and outstanding debt. The following are the steps to obtain a credit report:

• Step 1: Visit the CIBIL website (www.cibil.com) and click the ‘Get Your CIBIL Score’ button.
• Step 2: Fill in the online form with personal details such as name, date of birth, PAN card number, and contact information.
• Step 3: Verify your identity by answering a few security questions.
• Step 4: Make the payment of Rs. 550 online modes.
• Step 5: Once the payment is confirmed, the credit report will be sent to your registered email address.

In conclusion, the PAN card plays a crucial role in checking the CIBIL score as it is used to identify an individual in the CIBIL database. To obtain a credit report, individuals need to visit the CIBIL website, fill in the online form with personal details, and make the payment. It is essential to regularly check the credit report to ensure no errors and take appropriate measures to improve the credit score.