Importance of running a PAN card civil score check

A Permanent Account Number (PAN) is a system through which tax-related or financial information of a person or a company is reflected. In simpler terms, the basic objective of this 10-digit unique identification number is to use a universal identification to track financial transactions that might have a taxable component to prevent tax evasion.

Credit score, on the other hand, is important if you need a credit. It is issued by the credit bureaus based on how you handle your financial matters and when you apply for a loan or credit card. Scores range from 350-900 and a high credit score, which is above 700 gets you better deals like better interest rates, loan tenure, easy processing, a quick disbursal and much more. In this article, we are going to tell you how PAN card cibil score check works for you.

The connection between your PAN and cibilscore

This plastic card is issued by the Income Tax (IT) department and under Section 139A (7)a person can have only one PAN. Because your PAN is linked to all your financial accounts, the credit bureaus know your monetary status and find it easy to calculate your credit scores when you apply for a loan. If you happen to change your PAN card, your scores will not be affected. Even if the card gets lost; a duplicate card with the same number is issued to the applicant. 

Let us check how PAN card cibil score work

It is required in almost, every financial dealing. Below given is a list of things that require your alphanumeric plastic card and you will understand why PAN and credit scores go hand-in-hand. 

- IT filing

- Identify proof

- Tax deductions

- Claiming IT refund

- To start a business

- Opening a bank account

- Opening a Demat account

- Time deposit

- Payment of food bills if the amount is over Rs, 50,000

- Cash cards and pre-paid instruments

- Bank drafts, pay orders and bankers cheques.

Now, you see why we say that it is inevitable to avoid having a PAN or not have one. Interestingly, you can do a PAN card cibil score check easily and at your convenience. Doing so lets you get hold of any discrepancies in the credit histories of your credit report. If all is fine with the history it means no one has been forging or misusing your PAN, but if there have been any suspicious, untraceable or unknown transactions,you can report the matter to the bureau.

Find out more on credit scores, PAN cards and credit reports in detail by staying with us onhttps://civilscores.com/check-civil-score-by-pan.