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Lenders first check your credit score when you apply for a loan or a credit card. But what if your credit score is already low? And what if you’ve availed of a few loans or credit cards on EMI and don’t even know what your credit score is?
You can now check your credit score with a PAN card in India and that too, for free.
We’ll break down how it works, why it matters and what FREED can do for you if you don’t have a great credit score.
What is a Credit Score and Why Does it Matter?
Your credit score is a 3-digit number that tells lenders how creditworthy you are. In India, it most commonly ranges from 300 to 900 (depending on the credit bureau). And anything above 750 is considered good.
It tells lenders:
If you pay back loans on time
How much you have taken on credit
If you use credit responsibly
If your score is high, you get:
Lower interest rates
Quick approvals on your loans
Bigger credit limits
If your score is low, lenders can reject your loan/credit card application or charge a higher interest rate.
Doing a regular free credit score check is crucial because it allows you to monitor changes to your credit score, make the necessary steps to improve your creditworthiness and stay informed about your financial health.
Credit Score Influencers
Your credit score is impacted by a variety of factors. Below is a brief overview:
1. Payment History (35%)
A missed repayment on your credit card or loan EMI heavily impacts your overall credit score. In extreme cases, it can go down by about 100 points at once.
2. Credit Utilization (30%)
This essentially means the use of your credit limit. If you are exceedingly more than 30–40% of your credit limit, month on month, it will have a negative impact on your credit score.
3. Length of Credit History (15%)
A good old account creates a positive impact on the lender. You gain their trust and reliability.
4. Credit Mix (10%)
If you have a home loan account, a personal loan, or a credit card, it will help you if you are managing all of them at the same time.
5. New Credit Enquiries (10%)
Multiple loan applications in a short span of time mean multiple hard enquiries. This impacts your credit score negatively.
How to Check Credit Score with PAN Card in India
A PAN card is linked to your credit profile. Here’s a quick step-by-step guide to check your credit score via PAN card below:
Step 1: Go to an Official Credit Bureau Website
You can visit an official credit bureau website to get your yearly free credit score report such as:
• TransUnion CIBIL
• Experian
• Equifax
• CRIF High Mark
Step 2: Fill in your PAN card details
PAN card details such as:
• PAN card number
• Date of birth
• Mobile number
• Email ID
Your identity will be verified via OTP.
Step 3: Get Your Credit Report
After verification, you can download your report and see your score.
Checking your credit score is a soft enquiry not impacting your score.
What To Do If You Have a Poor Credit Score?
Many Indians have poor scores due to:
• Job loss
• Medical emergencies
• Multiple personal loans
• Credit card over usage
• Missed EMIs
If you are overburdened with debt, then merely checking your score is not going to help you. You need a plan. And that’s where FREED comes in.
FREED helps borrowers with:
• Loan settlement (legal negotiation with banks)
• Loan consolidation
• Credit scores check & improvement guidance
Instead of avoiding your lender’s calls or feeling stressed, you can talk to FREED experts and find out your options.
What Are the Benefits of Checking Your Credit Score Regularly?
It helps you to:
1. Find out if there are any errors in the report
2. See improvement after repayment of loan/s
3. Be prepared before applying for new loans
4. Avoid surprises like loan rejection
5. Prepare a better financial plan
When you check your score regularly, you are in control of your money health.
Avoid These Common Mistakes:
• Skipping even one EMI
• Utilizing 90-100% of your available credit
• Applying for too many loans at the same time
• Ignoring small outstanding amounts
• Closing old credit cards without a plan
If you have already fallen into multiple debts and cannot pay your EMIs, do not ignore the situation. The earlier you act, the less damage will be done.
FREED can help you settle the loan legally and come up with a structured repayment solution.
Expert Tips to Improve Your Credit Score:
• Always pay at least the minimum due before the due date
• Keep your credit utilisation below 30%
• Avoid unnecessary enquiries
• Be alert for any report errors
• Consider consolidating multiple loans
If your debt burden has become unmanageable, professional assistance can help. Loan settlement and structured repayment plans can help to slowly rebuild your financial profile over time.
When should you opt for loan settlement?
Loan settlement may be considered if:
• You are unable to repay the full outstanding amount
• You have already defaulted
• You are receiving frequent calls from recovery agents
• Your current financial situation is unstable for a while
However, settlement must be done the legal and proper way.
FREED works with lenders to negotiate the settlement in a proper way and guide you towards credit recovery.
Credit score is an important part of your financial life. The good news is that you can check your credit score with PAN card easily & for free in India.
But checking is only the first step.
If you are struggling with a burdensome loan repayment, credit card dues, or a low score, you don’t have to do it alone. You can consult with FREED experts, be aware of the options available, and take charge of your financial future.
Checking your credit score does not reduce it but ignoring your debt issues can.
Take the first step towards your financial freedom today.
FAQs
1. Is it possible to check my credit score with PAN card free of cost?
Yes. You can check credit score once a year for free from any of the authorized credit bureaus using your PAN details.
2. Does checking my own credit score reduce it?
No. Self-check is a soft enquiry and does not affect your credit score.
3. What is a good credit score in India?
Above 750 is considered a good score for loan approval in most cases.
4. How often should I check my credit score?
At least once every 6–12 months, or before you choose to apply for a loan.
5. Can loan settlement affect my credit score?
Yes, it may affect your credit score. Internal Link Suggestions:
• Loan Settlement Services Page
• Loan Consolidation Solutions
• Free Credit Score Check with FREED
• Credit Score Improvement Guide
• Debt Relief Programs