A Permanent Account Number (PAN) is a ten digit alphanumeric number given to you by the Income Tax Department. Avoiding the use of PAN card in India is not easy. All existing assessees or taxpayers or individuals who are required to furnish return of income, even on behalf of others, must obtain a PAN card.
In addition, any person who wishes to enter into economic or financial transactions where it is mandatory to provide PAN, will also have to obtain PAN.
PAN acts like a repository that keeps track of all tax related transactions of an individual. It allows the Income Tax Department to keep an eye on the compliance of tax payments. This also means that every loan taken from a financial institution will be recorded on the respective PAN.
Here is how any PAN card holder can check if a loan has been issued in their name:
-Credit Score keeps track of all your lending activities, which also applies to loans.
There are many institutions which keep updating the credit score. These scores provide a way for financial institutions to analyze an individual’s repayment history.
Entities that calculate and record credit scores include CIBIL, Experian, Equifax, or CRIF High Mark.
These institutions can provide their latest credit score to the user. Once you calculate your credit score using any of the above-mentioned credit bureaus, it will show active loans or credit cards under that name.
-If you detect an open credit line or a loan that you did not apply for, it may indicate that your PAN card was misused.
You can visit the official website of credit bureaus to get your latest credit score. You will need to provide some of your personal information to generate the latest credit score.
-If you find some suspicious activity in your credit account, you can report it to the concerned financial organization to get more information about the activity.
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