PAN Card- Nowadays, the increasing cases of loan fraud and identity theft have forced every PAN card holder to be vigilant. In such a situation, it is very important to know whether someone is taking a loan in your name by misusing your PAN card. Since your PAN card is directly linked to your credit report, any kind of fake loan can directly affect your credit score and your ability to take a loan in the future. Let us know how to find out whether your PAN is safe or not and what steps you should take if someone has misused it.
Be sure to check your credit report
The easiest way is to keep checking your credit report from time to time. Credit bureau companies like CIBIL, Experian, Equifax and CRIF High Mark keep a record of all the loans and credit cards taken in your name. You can download your credit report for free every year by visiting their website. For this, you will have to verify your PAN and mobile number with OTP. Check the report to see if any unknown account or loan is visible.
What to keep an eye on in the report
How to find out PAN Card Fraud: While checking the report, make sure that no loan or credit card is visible which you have not taken. Apart from this, the name of an unknown bank or lender, wrong account number or hard inquiry which you have not applied for – all these are signs of fraud. If you find many such entries, take action immediately.
What to do if you get a fake loan?
If you come to know that someone has taken a fake loan using your PAN, then first inform that bank or lender and also lodge a complaint with the credit bureau. You can file a dispute online on the website of most bureaus. You will also have to provide your identity, loan details and an affidavit. Also, file a report with the cyber crime cell of the nearest police station.
How to prevent PAN misuse in future?
Do not share your PAN card number on any unsafe website or app.
Avoid sending PAN number on WhatsApp or social media.
If you lose your PAN card, immediately apply for a duplicate and keep an eye on your credit report for a few months.
Keep strong passwords on all banking and financial accounts and turn on SMS/email alerts so that you get to know whenever any new loan application comes in.
Fake loans can ruin your financial record and credit score. The sooner you catch them the better. PAN card is as important a document as your bank PIN or Aadhaar. Keep it safe and be vigilant.