A Permanent Account Number (PAN) is a ten-digit alphanumeric number that has been given to you by the Income Tax Department. In India, it is not simple to avoid the use of a PAN card. All existing assesses or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain a PAN card. Also Read - WhatsApp users can download PAN card, Driving License, Class X certificate, vehicle RC on their phone: Here's how
Furthermore, any person who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also obtain PAN. Also Read - PAN-Aadhaar linking deadline: How to check if your PAN is linked with your Aadhaar
The PAN acts like a repository that keeps track of all tax-related transactions of an individual. This allows the income tax department to keep a check on the adherence of tax payments. This also means that every loan taken from a financial institution will be recorded on the respective PAN. Also Read - How to link PAN with Aadhaar Card without internet
Here’s how any PAN card holder can see if there’s a loan issued in their name:
-Credit scores keep a track of all your lending activity, which also applies to loans.
-There are multiple entities that keep updating credit scores. These scores provide financial institutions with a way to analyse an individual’s re-payment history
-Entities that calculate and record credit scores include CIBIL, Experian, Equifax, or CRIF High Mark.
-These entities can provide the user with their latest credit scores. Once you calculate your credit score using any of the above-mentioned credit bureaus, it will show the active loans or credit cards that are under that name.
-If you detect an open credit line or a loan that was not applied by you, it could indicate that your PAN card was misused.
-You can visit a credit bureau’s official website to get your latest credit scores. You will have to provide some of your personal information to generate the latest credit scores.
-If you do spot some suspicious activity in your credit account, you can report it to the respective financial organistation to get more details about the activity.
