How to Check Whether Someone has Taken a Loan Using your PAN Card?
Fraud is on the rise these days. Cases of loan fraud and fake identity are now a concern. In this days, PAN card holders have to be vigilant. In such a situation, it has become important to know whether someone is misusing your PAN card and taking loans in your name.
Since your PAN card is directly linked to your credit report. Any kind of fake loan can directly affect your credit score and ability to borrow in the future. So do you know if your PAN is safe or not? Has anyone misused it? Go through this article and know what steps you should take.
Check your Credit Report
The easiest way is to check your credit report periodically. Credit bureau companies like CIBIL (now TransUnion CIBIL), Experian, Equifax, and CRIF High Mark keep a record of all loans and credit cards taken out in your name.
You can download your credit report for free every year by visiting their website. For this, you will need to verify your PAN and mobile number along with OTP. Check the report to see if any unknown accounts or loans are showing up.
What to Look for in the Report
When checking the report, remember that it doesn’t show any loans or credit cards that you didn’t take out. Additionally, any unknown bank or lender names, incorrect account numbers, or hard inquiries that you didn’t apply for – these are all signs of fraud. If you find many such entries, take immediate action.
What to Do if you Get a Loan Fraudulently?
If you know that someone has taken a loan fraudulently using your PAN, first inform the bank or lender. Also file a complaint with the credit bureaus. You can register a dispute online on the websites of most bureaus. You will also need to provide your identity, credit details and an affidavit. In addition, file a report with the cyber crime cell of the nearest police station.
How to Prevent PAN Misuse in the Future?
- Do not share your PAN card number on any unsecured website or app.
- Avoid sending PAN number on WhatsApp or social media.
- If your PAN card is lost, apply for a duplicate immediately. Monitor your credit report for a few months.
- Keep strong passwords on all bank and financial accounts. Set up SMS/email alerts so that you know as soon as any new loan applications come in.
- Fake loans can ruin your financial record and credit score.The sooner you get hold of them, the better.
PAN card is an important document like your bank PIN or Aadhaar. Keep it safe and be vigilant.
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