Has anyone taken a loan using your PAN card? Here's how to check.

The most reliable way to find out about any ongoing loans on your PAN card is through a credit report. This credit report keeps a record of all loans, credit cards, and inquiries made in your name.

In this digital age, your PAN card has become your most important financial identity. However, if someone misuses your PAN card, i.e., opens a loan or credit card in your name without your permission, it can adversely affect your credit history and ability to obtain future loans. Recently, such complaints have increased rapidly, leading the RBI to direct banks and NBFCs to follow stricter regulations. In addition to RBI regulations, it's crucial to be vigilant about your own safety to avoid this PAN-related fraud. So, today we'll tell you whether someone has taken a loan using your PAN card and how you can check it.

How to find out if someone has taken a loan using your PAN card?

A credit report is considered the most reliable way to check the status of loans or credit cards held on your PAN card. This credit report, from CIBIL/Experian/Equifax, keeps a record of all loans, credit cards, and inquiries made in your name. This makes your credit report a document that monitors all financial transactions related to your PAN card.

How to Check a Credit Report?

You can check your credit report to determine if someone has taken a loan against your PAN card. To check your credit report, you can visit the websites of these credit bureaus. You can download your credit report for free. You simply need to provide basic information such as your PAN number and mobile number. This report clearly states which accounts are active in your name, which loans are available in your name, and which institutions have inquired about your PAN.

Keep certain things in mind when reviewing your credit report.

According to the RBI, certain things need to be kept in mind when checking your credit report. First, check that your report doesn't reflect any loans or credit cards you've never applied for. Also, check that your account number or bank company name isn't incorrect. Also, check that there are no credit inquiries you haven't approved. If you see any of these, consider them a red flag and take immediate action; otherwise, your credit score could be affected.

What to do if you find a fraudulent loan?

If you find a fraudulent loan in your report, there's no need to panic. First, contact the lender (the bank or NBFC) in whose name the loan appears and inform them of the fraud.

Furthermore, file an online complaint with the credit bureau so they can amend the report. Proof of identity and an affidavit are required.

Following this, go to the cybercrime cell of the nearest police station and file a complaint. This legal action will also help you in the future. Also, keep all documents such as a copy of your PAN card, complaint receipt, email, or message safe.

How to keep your PAN card safe?

To keep your PAN card safe, do not share your PAN number on any unauthorized website, app, or WhatsApp message.

Also, if you give someone a photocopy of your PAN card, sign it and write "For verification only."

Also, keep strong passwords for bank accounts and apps, and keep SMS and email alerts enabled.