Loan

The Income Tax Department has assigned you a ten-digit alphanumeric number known as a Permanent Account Number (PAN). It is difficult to avoid using a PAN card in India. A PAN card is essential for all existing assesses, taxpayers, and persons who are required to file a report of income, even on behalf of others.

PAN cardholders have realised that a loan was granted to an unknown individual on their PAN without their permission in several situations. Because of the PAN card loan fraud, the victim’s CIBIL ratings have been seriously affected. Because PAN and Aadhar numbers are very confidential, they should not be shared because peoplescan check your cibil report with help of pan card. Apart from that, one should write on their PAN card and Aadhar card the reason for producing a photocopy of their PAN card and Aadhar card xerox.

Use Form 26A: Form 26A is the income tax department’s annual tax statement. It includes an income tax return that details all tax payments and financial transactions made using the PAN card. Users can detect fraudulent behaviour early and file a complaint by monitoring Form 26A on a regular basis.

Here’s how to see whether someone else has used your PAN card to take out a loan:

By obtaining your credit score, you may quickly see if someone else has taken out a loan using your PAN number. Any credit bureau, such as CIBIL, Equifax, Experian, or CRIF High Mark, can provide you with information about loans carried out in your name.

  1. Credit scores take track of all your borrowing behaviour, including loans.
  1. Credit scores are updated by several different sources. These scores give financial organisations a way to investigate a person’s payment history.
  1. CIBIL, Experian, Equifax, and CRIF High Mark are some of the companies that calculate and record credit ratings.
  1. These organisations can give the user their most recent credit ratings. When you compute your credit score using one of the credit bureaus listed above, it will display any active loans or credit cards that are associated with that name.
  1. If you notice an open credit line or a loan that you haven’t applied for, it’s possible that your PAN card has been compromised.
  1. To receive your most recent credit ratings, go to the official website of a credit bureau. To obtain the most recent credit ratings, you will need to supply some personal information.
  1. If you see any questionable behaviour in your credit account, you can report it to the appropriate financial institution for more information.

The first step in avoiding PAN card fraud by cybercriminals is to never give out your PAN or Aadhaar details to strangers. They should also be cautious while providing their PAN or Aadhaar numbers in situations where they could be exploited. The reason for distributing a photocopy of one’s PAN card or Aadhaar card must be documented in writing so that PAN or Aadhaar numbers are not misused.

Read also: Do We Have To Pay Any Transaction Charge On Electricity Bill Payment?

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