TransUnion CIBIL Ltd is an authorised entity that can track the entire credit activity that individuals take. Based on the records, it reviews it and then issues credit scores. These are three-digit numbers that vary from 300 to 900. These ratings give a clear indication of a person’s creditworthiness. Individuals with high scores affirm the responsibility of individuals towards maintaining a clean record of their credit transactions. A low score casts a shadow of doubt regarding the responsibility of individuals in clearing the loans they have availed of. An ideal score should be 750. Anything that exceeds 750 is considered a good score.
If you are keen to understand your credit score status, you need to furnish the details of your PAN card, which helps validate the authenticity. Financial transactions and tax payments of all individuals are executed after validating their PAN card details. Once you share your PAN card details, it becomes easy for CIBIL to access your entire credit history. A small payment fee has to be made to get an insight into your CIBIL score. CIBIL is the most trusted source and is reputed for its accuracy in providing credit scores. Whenever you apply for loans, your CIBIL scores are proof of your reliability to enjoy monetary credit.
Did you know?
That you can check your CIBIL score by PAN once in twelve months without having to make any payment.
How to Check Your Cibil Score by Pan Card?
The process to check your cibil score by pan card involves the following:
- Access the CIBIL website and log in with your details
- On the right-hand side of the screen, on the top, you will see a button has the text: Get your CIBIL score
- You will be presented with various options regarding subscription plans
- You can now select a plan which you find the most suitable
- Once you select a subscription plan, you will have to furnish all your details like your email id, your smartphone details, as well as age
- The next step will ask you to create a password. You will have to use that password to log into the CIBIL website
- The next step will ask you your ID type. You will have to choose an income tax id, i.e. your PAN. Key in your Pan card details.
- The next step is a verification step, and you will have to provide correct answers to all.
- The next step involves the process of making the payment
- You have to remember that if this is only a once-a-year requirement, you can skip the subscriptions process mentioned above and move to the next step. It involves accessing your account
- You now log into your account. You will be sent an OTP to your mobile and your email. It is done to verify the details you have keyed in.
- You will now be presented with a form. Key in the details as requested.
- Once you submit the form, the details of your CIBIL score will appear on the screen immediately.
Also Read: Cibil Registration & Login Process Explained: Step by Step Guide
What Is a CIBIL Dispute?
A good credit score is a clear indication of your loan-settlement abilities. Any defaults or delays in the repayment of loans you take hurt your credit score. Whenever you default or make a late repayment on the EMI facility given to you in the past, you become liable to pay the penalty. It reduces your credit score unfavourably. To prevent inaccuracies in the report and any impact on your credit rating, it becomes necessary to raise a dispute for the mistakes or inaccuracies in the report. Thus, raising CIIBL disputes is important for maintaining a good credit score.
- Make it a point to continue your credit transactions with your earlier credit cards. It extends the history of your credit activities, resulting in a favourable credit score for you.
- Always remember to provide accurate and honest details. A credit bureau receives your entire credit history from the financial institution you avail of loans. If you furnish inaccurate or sketchy details, the credit bureau informs the financial institutions’ credit department. They will halt the credit facility in case of incorrect details furnished by you. It makes it imperative to provide accurate details at all times.
How Do You Resolve a CIBIL Dispute?
Always check the information you have provided. If you encounter errors like wrong spellings or missed out on a postal code or some details that are not yours, you must connect with the credit bureau immediately.
Given below are the details of how you can rectify mistakes in the report provided by CIBIL:
- Go through the details minutely and make a proper analysis as it is sure to affect your credit score.
- Access the online form for resolving disputes. Rectify all the errors that you come across and submit them online.
- You will now get a specific ID about the same. It becomes your complaint ID as well.
- The credit bureau forwards the corrected form to the financial institution where you have applied for loans.
- You will have to wait for the financial institution to confirm the mistakes. The agency that lends credit now makes the requisite changes.
- This entire activity stretches across 30 days.
- Finally, the credit agency will inform you by email.
Also Read: List of KYC documents for CIBIL Report & Company Credit Rank
What Is a Defaulter List?
A defaulter list holds details of individuals who have failed or erred in the repayment of their earlier loans. If you are a part of such a list, it will impact your creditworthiness. To clear your name from such a list, you will have to:
- Access your CIBIL score and go through the details minutely.
- Get an insight into the repayment amounts which have to be made by you and try to clear them at the earliest.
- Most importantly, procure a certificate stating you have no pending dues towards the financial institution or bank.
- Once you get this certificate, you will have to give it to the credit bureau. You will then have to make a formal application requesting them to remove your name from the list of defaulters.
- Now you can provide your loan application and the other required documents.
- The credit bureau will then intimate you of all details by email
- If you still find something amiss, you can connect with the said personnel at the bank to help you with your application for a loan.
Conclusion
The details of this article clearly state the importance of how to access your CIBIL score by Pan card and the relevance of maintaining a good CIBIL score. The article also states how you can clear your name off a defaulter list, extend your credit history by using your earlier credit cards and be prompt to repay all your EMIs.
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