Is someone else taking a loan on your PAN card? Check this in 2 minutes, otherwise, one day a bank notice will come to your home

Is your PAN card being misused? Know how you can find out in just 2 minutes whether someone else has taken a loan on your PAN. Avoid this big fraud by checking your CIBIL score.

The PAN card kept in your pocket is not just an identity card, but the 'master key' of your entire financial life. It is needed everywhere, from opening a bank account to taking a loan and filing ITR. We also share its information with the authorities when needed. But have you ever thought what will happen if this 'master key' falls into the wrong hands?

Imagine, you are sitting comfortably at home and a fraudster takes a loan using your PAN card. You do not even get a hint of it. Then one day suddenly you get a recovery notice from the bank. Not only do you fall prey to a big fraud, but your CIBIL score also becomes so bad that you do not get any loan in future.

This is not a horror story, but a reality. In today's digital age, this danger has increased more than ever. Therefore, it is very important to check whether someone else is using your PAN card. Today we are going to tell you the same method, by which you can find out this truth in just 2 minutes.

How does this fraud happen and why is it so dangerous?

Although banks do many types of verification before giving a loan, but clever fraudsters find ways to break into the system. They target fintech apps or small loan giving companies, where the verification process may be a little weak.

What is the danger?

Financial liability

The loan is in your name, so the legal responsibility of repaying it becomes yours.

Destruction of CIBIL score

When the loan EMI is not paid, your CIBIL score drops rapidly. A score above 750 is considered good, but a default can bring it down to even 500.

Difficult to get a loan in the future

With a bad CIBIL score, it becomes almost impossible for you to get a credit card, home loan or car loan in the future.

Your 'financial detective': Reveal the secret from CIBIL report

The biggest and easiest weapon to catch this fraud is your credit report or CIBIL report. This is your financial horoscope, which contains information about every loan and credit card running in your name.

You can check your report from the website of any credit bureau like CIBIL, Experian, Equifax, or CRIF Highmark. Apart from this, many apps like Paytm, BankBazaar also provide this facility.

Step-by-step guide: How to check on CIBIL website?

We are taking the example of CIBIL's official website here, as it is the most popular.

Step 1: Visit CIBIL's website

First of all, go to the official website www.cibil.com.

Step 2: Get your CIBIL score

On the homepage, you will see a big button 'Get Your CIBIL Score'. Click on it.

Step 3: Create your account (if not already)

You will have to create a password by filling in information like your email ID, mobile number, name and date of birth.

Select 'Income Tax ID Number (PAN)' in ID Type and enter your PAN card number.

Step 4: Verify your identity

You will be asked some questions to verify your identity. These questions may be related to your credit history (eg, 'What is the limit of this credit card of yours?' or 'Which bank is this loan of yours running from?'). Answer them correctly.

Step 5: View your credit report

Once the verification is complete, your dashboard will open. Here you will see your CIBIL score (a number between 300 to 900).

Go to the 'Accounts' or 'Enquiries' section in the dashboard.

The real game is here

In the 'Accounts' section, you will see a list of all the loans (personal loan, car loan, home loan) and credit cards running in your name.

Look at this list carefully. If you see a loan or credit card that you have not taken, then understand that you have become a victim of fraud.

What to do immediately if fraud has happened?

If you see an unknown loan in your report, do not panic. Take these steps immediately:

Contact the credit bureau

First of all, file a 'Dispute Resolution' or 'Complaint' with CIBIL or whichever bureau you have taken the report from. Tell them that this loan is not yours.

Contact the concerned bank/company

Immediately contact the bank or fintech company from which the loan has been taken and report the fraud.

File a police complaint

File an FIR at your nearest police station or on the National Cyber Crime Reporting Portal (www.cybercrime.gov.in) or by calling the helpline number 1930.

Conclusion of the entire news

The digital age brings dangers along with convenience. Your PAN card is the key to your financial vault, whose security is your responsibility. Checking your credit report regularly (at least every 3-4 months) should now become a habit. This 2-minute task can save you from huge financial liabilities and mental stress in the future. Be aware, be vigilant and keep a grip on your financial health.

Frequently Asked Questions (FAQs)

Q1: How can I check my CIBIL score for free?

A:
You can get your credit report from each credit bureau (CIBIL, Experian, etc.) once a year for free.

Q2: How often does the CIBIL score get updated?

A:
Banks and financial institutions usually send your transaction details to the bureaus every 30-45 days.

Q3: Does checking your CIBIL score frequently harm it?

A:
No, when you check your score yourself (Soft Inquiry), it does not affect your score.

Q4: Where to complain about misuse of PAN card?

A:
You can complain on the Income Tax Department portal and the National Cyber Crime Reporting Portal (1930).

Q5: What is considered a good CIBIL score?

A:
A score above 750 is considered very good, which makes it easier to get a loan.