Your CIBIL score is among the most vital evaluating factors for any lender to examine your creditworthiness before approving your loan application or issuing a credit card. A higher score boosts the chances of having a loan application approved at a competitive interest rate.
Therefore, it becomes important for you to verify your CIBIL score once you plan to avail of a new loan or a credit card. Here is how you can check your CIBIL score online for free by using your PAN number and other alternative ways.
Steps to Check CIBIL Score for Free Online Using PAN
Individuals can check their credit score on the official website of CIBIL by using their Permanent Account Number (PAN). Mentioned below are the steps to verify a CIBIL credit score through PAN Card:
Step 1: Visit the official website of CIBIL
Step 2: Click on the ‘Free credit score’ option
Step 3: Fill out the necessary details on the page as instructed.
Step 4: Under ‘ID Type’ option, choose the ‘Income Tax ID number (PAN)’.
Step 5: Input the valid Permanent Account Number in the next segment called ‘ID Number’.
Step 6: After this, fill out the income type and monthly salary sections. Make sure you also enter your contact details, like mobile number and email id.
Step 7: Thoroughly check the details and confirm
Step 8: After confirmation of the information, select ‘Accept & Continue’.
After your ID is verified successfully, you will get your credit score via email within 24 hours.
What are the Alternative Ways to Check Credit Score without Using the PAN Number or Card?
The PAN Card is one of the most vital identification documents issued by the Income Tax Department. Using this card is considered the most convenient way to view the CIBIL credit score.
Even though your PAN card acts as a highly accessible mode of checking your credit score, there are still some alternatives you can use for this purpose. For instance, if you have no PAN card number, you can view your CIBIL credit score with the help of your personal details, like name, address, date of birth, contact number, identification numbers of other documents like Aadhaar card, passport, voter’s ID card, etc.
Will a PAN Change Affect Your CIBIL Score?
If you lose your PAN card or it is stolen, then you should immediately apply for a duplicate PAN card. Please note that applying for a duplicate PAN card will not cause any discrepancy in your CIBIL score as the number remains same. However, having two different PAN cards can lead to confusion, and so you are recommended to surrender one of them to avoid unnecessary hassle.
Key Factors that Impact Your Credit Score
The following are the key factors that influence your credit score:
- History of Credit Repayment
Your credit history shows how consistent you are in making timely repayments. This is why making recurring late payments or failing to clear EMIs on time will adversely affect your credit history, and at the same time, your credit score will equally reduce by a big margin.
- Credit Utilisation Ratio
The credit utilisation ratio shows the whole credit limit you are allowed and the amount you have used from it. In other words, it refers to the amount of money you need to repay. Therefore, the lower the amount you use, the higher will be your credit score. On the other hand, if your credit utilisation ratio increases, your CIBIL score will diminish.
- Credit Mix
A perfect credit mix must comprise at least one unsecured loan like personal loan and one secured loan account with a long tenure, for instance, a home loan.
- Credit Age
Credit age indicates the time since you got the approval for your first loan. Keep in mind that older credit age can help in enhancing your CIBIL score. Thus, having a credit account 2-3 years old will be helpful for you to opt for credit from potential lenders.
- Recurrent Opening of New Credit Accounts
Try to avoid applying for too many loans and credit cards. Since the opening of new loan accounts frequently shows the inefficiency and incapacity of your present loan accounts to cope with your financial needs. Ultimately, this will create a huge credit burden on your shoulder and, in the meantime, reduce your CIBIL score.
Now, as you have a clear idea about how to check the CIBIL score online for free by using your PAN number, you can easily do it without hassle. Furthermore, make sure that you check the alternative ways too so that you can verify your credit score if you lose your PAN card unfortunately.