Worried if your PAN card was used to take a loan? Here’s how you can check online

A Permanent Account Number (PAN) is a ten-digit alphanumeric number that has been given to you by the Income Tax Department. In India, it is not simple to avoid the use of a PAN card. All existing assesses or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain a PAN card.

Furthermore, any person who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also obtain PAN.

The PAN acts like a repository that keeps track of all tax-related transactions of an individual. This allows the income tax department to keep a check on the adherence of tax payments. This also means that every loan taken from a financial institution will be recorded on the respective PAN.

Here’s how any PAN card holder can see if there’s a loan issued in their name:

-Credit scores keep a track of all your lending activity, which also applies to loans.

-There are multiple entities that keep updating credit scores. These scores provide financial institutions with a way to analyse an individual’s re-payment history

-Entities that calculate and record credit scores include CIBIL, Experian, Equifax, or CRIF High Mark.

-These entities can provide the user with their latest credit scores. Once you calculate your credit score using any of the above-mentioned credit bureaus, it will show the active loans or credit cards that are under that name.

-If you detect an open credit line or a loan that was not applied by you, it could indicate that your PAN card was misused.

-You can visit a credit bureau’s official website to get your latest credit scores. You will have to provide some of your personal information to generate the latest credit scores.

-If you do spot some suspicious activity in your credit account, you can report it to the respective financial organistation to get more details about the activity.

The post Worried if your PAN card was used to take a loan? Here’s how you can check online appeared first on BGR India.

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