PAN Card Tips: Is anyone else taking a loan on your PAN card? Check this in 2 minutes..

The PAN card 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 become a victim of a big fraud, but your CIBIL score also becomes so bad that you do not even get any loans in the 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 having fun with 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, 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 EMI of the loan is not paid, your CIBIL score falls 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 the 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 and BankBazaar also provide this facility.

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

We are taking the example of CIBIL's official website here, because 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 labeled 'Get Your CIBIL Score'. Click on it.

Step 3: Create your account (if not already)

You 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?' or 'Which bank do you have this loan 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 and 900).

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

This is where the real game is

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 out, 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 was taken and inform them about the fraud.

File a complaint with the police.

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 convenience as well as dangers. 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 future huge financial liabilities and mental stress. Be aware, be alert and keep a grip on your financial health.

Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.