Discover the link between your PAN card and CIBIL Score and explore the power of the Bajaj Finserv Credit Pass in elevating your creditworthiness.
When it comes to financial well-being, your CIBIL Score is like a report card that tells lenders how responsible you are with credit. It’s a three-digit number that can greatly influence your ability to get loans, credit cards, and even better interest rates. But did you know that your PAN card is connected to your CIBIL Score? In this article, we’ll dive into the synergy between your PAN card and CIBIL Score, and how they work together to shape your financial future.
What is Your PAN?
Your PAN or Permanent Account Number is a distinctive 10-digit alphanumeric code that sets you apart in the financial universe. This unique identification number assigned to taxpaying entities in our country links all your financial activities, allowing credit bureaus and credit information companies like TransUnion CIBIL to locate all the relevant details required to calculate your CIBIL Score. Moreover, cibil score check online by pan card free as government-approved identity proof.
What Is Your CIBIL Score?
Your CIBIL Score reflects your financial behaviour like a report card might reflect your academic behaviour. Instead of subjects, your credit history is graded and represented in a 3-digit number between 300 and 900. Generally, a score of 750+ is considered ideal by lenders and can hold you in good stead during the approval process as well as when negotiating for favourable terms like low interest rates. This is because a high CIBIL Score signals to lenders that you’re financially responsible, and makes them more willing to trust you with their resources.
PAN Card and CIBIL Score: The Connection
So, how does your PAN card connect with your CIBIL Score? Well, imagine your CIBIL Score as a jigsaw puzzle, with each piece representing a different financial move you make. Your PAN card is like the glue that holds these puzzle pieces together. It’s the key identifier that ensures all your financial actions are correctly linked to your credit profile. Whether you’re paying off a loan, using a credit card, or even applying for a new one, your PAN card makes sure that your financial deeds are attributed to you and only you.
If you’re wondering why your name or phone number can’t do the same job, it’s because your PAN card is unique to you, just like your fingerprint. This uniqueness prevents any confusion that could arise from people having similar names or contact details. Your PAN card and CIBIL Score work together to inspire confidence in lenders about your creditworthiness as they know that your financial moves are verified, traceable, and reliable.
Your PAN Card’s Role in CIBIL Score Calculation
Your PAN card does more than just link your financial activities. It also helps in accurate record-keeping, which in turn affects your CIBIL Score calculation. Your financial actions, such as repaying your loan EMIs or clearing your credit card bills, are recorded under your PAN. This data forms the backbone of your credit history, which plays a significant role in determining your CIBIL Score. So, it’s not just about what you do, but how your PAN card ensures that your actions are noted down correctly.
Checking Your CIBIL Score with PAN
If you’re curious about checking your CIBIL Score, your PAN card can come in handy there as well! You can conveniently check your CIBIL Score for free online using your PAN. You can access your free annual CIBIL Report and CIBIL Score via the TransUnion CIBIL website using your PAN number. If you’re looking to monitor your credit health on a regular basis, you can use your PAN number to sign up for the Bajaj Finserv Credit Pass for real-time insight into your credit health report and monthly CIBIL Score checks.
Remember, your PAN card isn’t just a piece of plastic, it’s a crucial ally working hand-in-hand with your CIBIL Score to showcase your creditworthiness. You can make the most of that partnership and ensure a smoother financial journey with your Credit Pass, which can help you unlock the doors to a brighter financial future.