Did you know that your credit score has a big impact on your financial life? A good credit score can help you get approved for a loan, and a poor one can make it impossible for you to get a mortgage. That’s why it’s important to keep track of your credit score. There are lots of websites that can do it for you, but they are often pricey. Here’s how to generate and check your score for free using PAN.
What Is A Credit Score?
A credit score is a number between 300 and 900 that indicates your creditworthiness. It is calculated based on information contained in your credit report. It is used by lenders and insurers to determine whether or not to approve you for loans, insurance, and other financial products.
A credit score tells a lender how likely you are to pay back a loan. It is calculated based on how much debt you have, how long you’ve had that debt, and how well you’ve paid back previous debts. It’s important to keep your credit score high, because it shows lenders that you’re a responsible borrower, and helps you get approved for loans and credit cards.
In India, credit score is calculated and managed by 4 credit bureaus - TransUnion CIBILTM, Equifax, Experian and CRIF Highmark.
Every individual with some kind of credit history is assigned a credit score. It could be a credit card, a personal loan or even a mortgage.
You are entitled to get your credit score for free once a year, from each of the credit bureaus. You just have to login to their website, create your login and check your score.
You can also check your credit score online at CreditMantri anytime. Most banks and NBFCs offer credit scores on their websites. You can check yours from any of the trusted websites.
Also Read: How to check your CIBIL™ score with your PAN card
Here Is How You Get Your FREE Credit Score Using Your PAN Number
Get It From The Credit Bureaus' Website
If you already have a login for your credit report, you can get your score from the website of each of the four credit bureaus. You can get your credit score from each of the credit bureaus using your PAN number. Just enter your PAN number when asked for it. You will be provided with the option to generate a one-time password (OTP).
Your credit score will be displayed on the screen. A copy is also sent to your email address.
1. Go to the official website of any one of the credit bureaus – CIBIL™, Equifax, Experian or CRIF Highmark
2. Click on the option that says 'Get Your Credit Score’ or something similar
3. Most of these websites will require you to choose a payment plan before you proceed. You can choose whichever suits you.
4. On the next page, you will be required to enter your details. The basic details commonly required by all the 4 credit bureaus are – Your full name (as mentioned in your PAN card), your email address, mobile number, and any one ‘Identity Document’ number.
5. The ID document number accepted are – Your PAN, Driver’s License Number, Passport Number, Voter ID number, or your Ration Card number. Remember, these identity documents should be in your name.
6. Once you enter these details, the credit bureau verifies the details and pulls up your credit report.
7. The report will be sent to your registered email address.
Other Ways To Get Your Credit Score Online For FREE Using Your PAN Card!
These days, most financial services websites and banks are offering free credit score to their users. They have partnership with one of the credit bureaus and pull up your credit report through them. The process to obtain your credit report from these websites is pretty much the same. You need to enter your mobile number, email address, and PAN number to get your credit score.
Creditmantri has been in the credit management services for over a decade and offers multiple credit building services to its users. It is very easy to get your credit report, along with a detailed analysis of your credit report on our website.
Click on the ‘Free Credit Score’ button, enter your mobile number, email address, Date of Birth, PAN number, and PIN code. Your credit report is generated and delivered to you instantly. It is as simple as that!
Conclusion
Service providers offer various ways for users to check their credit score. PAN number is sufficient in most cases to check and download your latest credit score for free.
Free Credit Score Using PAN – FAQs:
1:Is my credit score free?
Every individual is entitled to one free credit score from the respective credit bureau. Subsequent credit score and credit reports can be availed at a nominal cost. Check CreditMantri for a complete analysis of your credit report for free today!
2:Can I improve my credit score quickly? How?
Yes, a few simple steps can help you accelerate your credit improvement process.
Pay off long standing debts
Keep your credit utilization under check
Check your credit score and credit report regularly for any errors or omissions
Pay all your bills and EMIs on time
3:Where can I get my credit score for free using PAN?
You can get your credit score from any one of the 4 credit bureau websites. You can also get yours from CreditMantri website for free!
4:What is considered the ideal credit score for a home loan?
Home loan lenders seek a credit score of 750 and above to offer the best interest rates and other loan terms.
5:Can I get a car loan with a credit score of 650?
650 is not a bad score and you can find lenders who offer car loans for this credit score. However, the interest rates and other terms on the loan would not be very favorable for such a low credit score. you should take a few measures to improve your credit score to at least 700 before applying for a car loan.