Has someone else taken a loan in your name? This could be the reason, and you can check it quickly.

If you want to find out if a loan has been taken out in your name, the easiest way is to check your credit report. Follow the steps below.

Imagine one day you suddenly receive a call from a bank, and the person on the other end says, "Madam, the EMI on the loan you took out is still pending." You'd be shocked, because you've never taken a loan. This isn't just a movie scene, but a real-life occurrence. In today's digital age, obtaining a fake loan by misusing someone's PAN card has become one of the fastest-growing cyber frauds. But there's no need to panic, because now you can find out for yourself in a few minutes with a few simple steps to check if a loan is running in your name.

Why is PAN card fraud on the rise?

In this era of digital banking and online verification, the PAN card has become the basis for every financial transaction, big or small. This has led to fraudulent websites, mobile apps, and scammers stealing PAN details and misusing them. People often enter their PAN numbers in the name of free loans, instant credit cards, or job applications, and this is where the game begins. You may not even realize it, and a loan or credit card is activated in your name.

How to find out if you have a loan?

If you want to know if you have a loan, the easiest way is to check your credit report. There are four major credit bureaus in India: CIBIL, Experian, Equifax, and CRIF Highmark. You can download a free report once a year by visiting their websites.

For example, go to https://www.cibil.com/freecibilscore and enter your name, mobile number, email address, and PAN. After OTP verification, your full credit report will appear. This report clearly lists which loans or credit cards are held in your name by which bank or NBFC. If you see a name you don't recognize, there's something fishy.

Not just CIBIL, these websites also offer free reports.

In addition to CIBIL, there are three other bureaus in India: Experian (experian.in), Equifax (equifax.co.in), and CRIF Highmark (cir.crifhighmark.com). All of these institutions also provide a free credit report once a year. The report contains details of all your active and closed loans, including how long you've been operating the loan and how many EMIs you've paid. If a fraudulent loan is linked to your PAN, it will immediately appear in the report.

What to do if you find a fraudulent loan? Take These Steps Immediately

If a loan appears on your report that you didn't take, first contact the bank or NBFC that provided it. Call customer service and inform them that it's a fraudulent loan and you didn't apply. Also, visit the corresponding bureau's website (such as CIBIL or Experian) and file a complaint in the "Dispute Section." If you don't get any help from the bank, file a fraud complaint online at cybercrime.gov.in. You can also file an FIR at the nearest cyber police station. This is an important step for both your PAN and credit score.

Fake Loans Also Affect Your Credit Score

The biggest drawback of a fake loan appearing on your CIBIL or any other bureau's report is that your credit score drops. And if your score drops below 700, you'll have difficulty getting a genuine loan or credit card. Often, people don't realize that a fraudulent loan is the reason for the drop in their score. Therefore, checking your credit report regularly is as important as checking your bank statement.

Always remember these precautions related to the PAN card.

Many times, our own carelessness invites fraud. Never share your PAN card on social media, WhatsApp, or any unknown link. Only enter your PAN number in KYC or any online form if the website is government-authorized. If you have a soft copy of your PAN card saved on your mobile or laptop, keep it password-protected. And be sure to check your credit report once a year to detect any incorrect entries in time.

Activate these settings to prevent PAN misuse.

These days, agencies like CIBIL, Experian, and CRIF offer 'Credit Monitoring Alert'. If someone tries to obtain a new loan or credit card using your PAN number, you will receive an immediate email or SMS alert. The annual fee for this feature ranges from ₹100 to ₹200, but it can protect you from fraud worth lakhs. This is a small digital security measure that everyone should take advantage of.

Real stories related to PAN card fraud also offer lessons.

27-year-old Priya from Delhi's PAN was uploaded to a fake loan app. A few weeks later, she began receiving recovery calls from an NBFC—a ₹75,000 loan was in her name. Checking her credit report revealed the truth. She had to run around banks and bureaus for months before her name was cleared. Such cases are increasing rapidly in India. So, if you haven't secured your PAN data yet, be vigilant today.

Conclusion:

A PAN card is not just a tax ID; it's your financial identity. If it falls into the wrong hands, anyone can take out a loan in your name and make you a debtor. Therefore, it's crucial to check your credit report at least once a year, avoid sharing your PAN details with suspicious sites, and keep your digital alert system active. Remember: safety lies in caution. A little vigilance can save you from significant financial losses.

Generic FAQs:

Q1. Do fraudulent loans affect my bank account?
Not directly, but they affect your PAN and credit score, which can create problems in obtaining a loan in the future.

Q2. Does checking your credit report lower your score?
No, if you're checking your report yourself (soft check), it doesn't affect your score.

Q3. Does not linking your PAN and Aadhaar cause problems?
Yes, it can cause problems with tax filing and bank verification, so keep them linked.

Q4. Can I check my CIBIL report multiple times?
Yes, the free report is available once a year, but with the paid version, you can check it as often as you wish.

Q5. What should I do if I suspect PAN theft?
Immediately file a complaint with cybercrime.gov.in and have a 'Fraud Alert' placed on your credit report.