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  • Effects of PAN Card on CIBIL Score

    CIBIL Score plays a very important role when you apply for a loan or credit card. This score is a proof of your financial credibility. The credit report that tells you your credit or CIBIL score contains your credit history. It informs banks and financial institutions about how you deal with your finances and if you are someone who is worthy of receiving credit or not.

    Banks and financial institutions check this score while considering loan or credit card applications. If you have a low CIBIL score, then they may reject your application or charge you a higher rate of interest, but if you have a good CIBIL score, then they may accept your application easily.

    What is the Effects of PAN on CIBIL Score:

    A Permanent Account Number or PAN is different from CIBIL Score. While CIBIL Score is your credit score, PAN is a unique alpha-numeric identification number issued to Indian nationals. PAN is important because it helps in preventing tax evasion and acts as proof of identity. Because PAN is a unique number, two people cannot have the same PAN. As per Section 139A(7), one person can have only one Permanent Account Number. Even if you lose your PAN card, you can get a duplicate one with the same number.

    So, if you change your PAN card or number, then your CIBIL score will not be affected. Credit score has other details such as your date of birth, banking transactions, residential address, etc. So, in case your PAN is changed, then the CIBIL software will mostly show a warning in your account. People are advised not to change their Permanent Account Number to improve their credit score. If they want to improve their CIBIL score, they can do it through other ways.

    Tips to Improve CIBIL Score:

    You can follow the tips mentioned below to improve your CIBIL Score:

    • Make your credit card or loan instalment payments on time.
    • Do not apply for too many loans or credit cards.
    • Do not use the full limit of your credit card.
    • Check your credit report regularly and if you find any mistakes, rectify them immediately.
    • Clear all the outstanding payments.
    • Use your oldest credit card. If you have a credit card for a long time with positive repayment history, then it will have a positive impact on your CIBIL score.
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