A PAN card is a unique identification number issued by the Income Tax Department of India. It is mandatory for most financial transactions, including opening a bank account, applying for a loan, online CIBIL score check process or filing income tax returns. A PAN card is mandatory for online CIBIL score check.
The Credit Information Bureau (India) Limited or CIBIL, India’s leading credit bureau, requires your PAN card details to verify your identity and credit history. Here, we will explore why a PAN card is required for online CIBIL score check and its significance in the credit evaluation process.
Step-by-step guide for CIBIL score check with PAN card
You can CIBIL score check with PAN card using the Bajaj Finserv Credit Pass service by following these steps:
- Visit the official website of Bajaj Finserv.
- Click on the “Check Your CIBIL Score Now” button on the homepage.
- Fill in the required details, such as your name, date of birth, gender, address, and PAN card number.
- Click on the “Get Your Score Now” button to proceed.
- You will be redirected to the CIBIL website, where you must create an account by providing your email address and password.
- Once you have created your account, you can online CIBIL score check and view your credit report.
Remember it is mandatory to enter your correct PAN card details when doing online CIBIL score check using Bajaj Finserv or Bajaj Finserv Credit Pass service, as it is required to verify your identity and credit history.
Important reasons why a PAN Card is required for online CIBIL score check
- Identification: Your PAN card serves as a unique identifier that allows CIBIL to verify your identity and ensure that you are the rightful owner of the credit profile.
- Accuracy: PAN card number ensures the credit report is accurate and up-to-date, eliminating the possibility of errors due to mistaken identity.
- Authentication: A PAN card provides a secure means of authentication, which is necessary to protect against fraud and identity theft.
- Consistency: Using a PAN card, CIBIL can ensure consistency across all credit reports and maintain uniformity in the credit evaluation process.
- Compliance: A PAN card is required by law for most financial transactions, including those related to CIBIL score check with PAN card and credit evaluation.
- Tracking: A PAN card makes tracking credit activity easier and ensures that all relevant information is included in the credit report.
- Prevents duplicate reports: Using a PAN card eliminates the possibility of creating duplicate credit reports for the same individual, which can lead to confusion and errors.
- Uniqueness: The PAN card provides a unique identifier that distinguishes one individual from another, which is essential for accurate credit reporting.
- Clarity: Using a PAN card ensures clarity in credit reporting and reduces the risk of misunderstandings or misinterpretations of credit information.
- Legal compliance: Using a PAN card is mandatory for credit bureaus to comply with regulatory requirements and maintain the integrity of the credit evaluation process.
Factors affecting your CIBIL score
- Payment history: Your payment history is the most significant factor that affects your CIBIL score. It includes information about your credit card and loan payments, including missed payments, late payments, and defaults.
- Credit utilization: Credit utilization is the amount of credit you use compared to the total credit available. High credit utilization can negatively affect your CIBIL score, indicating that you may rely heavily on credit.
- Credit history: Your credit history is the length of time you’ve been using credit. A longer credit history shows you have more experience managing credit, which can positively affect your CIBIL score.
Final Thoughts
A PAN card is required for online CIBIL score check as it serves as a unique identifier that allows CIBIL to verify your identity and credit history. Using a PAN card ensures accuracy and consistency in the credit evaluation process and helps prevent errors due to mistaken identity.
It also provides a secure means of authentication, essential to protect against fraud and identity theft. Using your PAN card, you can easily check your CIBIL score and credit report on platforms such as Bajaj Finserv and Bajaj Finserv Credit Pass service and ensure that your credit information is accurate and up-to-date.
Additionally, if you find any discrepancies in your CIBIL report, you can correct them by following the CIBIL report correction process. Overall, a PAN card is a crucial document that plays a significant role in the credit evaluation process and can help you easily access credit products and services.
