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You must have often come across a financial term called “CIBIL Score”. But, what is it, and why is it important? In this blog, we’ll briefly discuss what a CIBIL Score is, what makes it so crucial, and how can you check your cibil score by PAN Card!
Lenders consider your CIBIL score highly when assessing your loan application. Therefore, it’s crucial to comprehend how the score is determined. A proprietary algorithm determines your CIBIL score; however, the essential components of the score composition are based on a person’s loan payment history. The evaluation of this score, its basic elements, and how to do a cibil score check free online by PAN number is what this log below will help you with.
CIBIL score is a three-digit numeric summary of your credit history. The credit history is derived from the information in the “Accounts” and “Enquiries” sections of your CIBIL report. The factors to which CIBIL score is proportional include but are not limited to your loan or credit card accounts, their payment status, and the number of days past due on outstanding balances. All these components are used to calculate your CIBIL score, a three-digit numerical summary of your credit history.
Based on the information provided by lenders about your borrowing and repayment history, the score represents your creditworthiness. The higher your CIBIL score, which runs from 300 to 900, the greater your chances of accepting your loan application. Clients with a CIBIL score above 750 get approved for 79 percent of loans.
|CIBIL Score Range||Rating|
Since your PAN is linked with your financial accounts and tax payments, it helps CIBIL aggregate your data quickly. You can check your CIBIL score by PAN Card, free of cost, once a year or multiple times by paying the required fee. Here are the steps you should follow to check your CIBIL score using your PAN card.
To check your CIBIL score by PAN Card, you need to follow these steps:
Observe the following while you carry out this procedure:
You can access your credit score on the CIBIL website for free or by choosing a membership plan. Once a year, you can view your most recent CIBIL Report using a free subscription. CIBIL offers paid programs to its users that, depending on their choice, provide access to several extra features. For accessing your CIBIL score online, all you need to do is follow the steps given below:
‘Get your CIBIL Score’ can be found in the top right corner of the CIBIL website at https://www.cibil.com.
This will bring you to a page with subscription alternatives; scroll down to find the free option.
Your name, which will serve as the username for this account, your password, an ID proof (such as a PAN card, passport number, voter ID, or Aadhaar), your date of birth, your pin code, and your phone number must all be entered here. After entering this information, click “Accept and continue.”
Verifying your identity is the next step. On the mobile number you entered in Step 2, you will receive a one-time password (OTP). After entering the OTP, press “Continue.”
A new window confirming your enrollment will open. Additionally, you’ll receive an email verifying the same. To view your credit score, click “Go to dashboard.”
Your browser will now open myscore.cibil.com. Viewing their free CIBIL Score and CIBIL Report is available to subscribers here.
Visit https://myscore.cibil.com and click “Member Login” to view your CIBIL Score after creating an account. You must enter your email address and password to log in. You must subscribe to CIBIL, pay according to the plans’ availability, and receive your report to obtain your CIBIL Score again during the same calendar year.
A PAN, or Permanent Account Number, differs from a CIBIL Score. PAN is a unique alpha-numeric identifying number granted to Indian citizens, whereas CIBIL Score is your credit score. PAN is crucial since it serves as identification documentation and prevents tax avoidance. PAN is a singular number. Hence no two people may share the same PAN. A person is only permitted one Permanent Account Number per Section 139A(7) provisions. A replica with the same number is issued even if you misplace your PAN card.
Changing your pan or number won’t affect your CIBIL score. Other information on your credit report includes your date of birth, banking activity, residential address, etc. Therefore, the CIBIL software will typically display a warning in your account if your PAN changes. It is encouraged that people should not alter their Permanent Account Number to raise their credit score. They have alternative options if they want to increase their CIBIL score.
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Your credit is determined based on the information provided by lenders about your borrowing and repayment history; the score represents your credit worthiness. The higher your CIBIL score, which runs from 300 to 900, the greater are chances of your loan application being approved. Clients with a CIBIL score above 750 get approved for 79 per cent of loans.
Your CIBIL/Credit score won't be impacted by applying for a new PAN card because the PAN number shalll stay the same.
Yes, you can check your CIBIL score even if you don't have a PAN card. You can use your passport or aadhar card to access your CIBIL score.
Yes, you can see your credit score using your Aadhaar card.
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