Now that you have your credit report, just how do you make sense of it all and what exactly are the credit bureaus saying about you? The following information shows the ratings used in credit reports and will assist you in the process of understanding your overall credit rating and what credit report items you should consider disputing with the credit bureaus.
R0 - Too new to rate. Approved but not used.
R1 - Pays within 30 days of billing or as agreed.
R3 - Pays in more than 30 days, but less than 60 or when next payment
is due.
R4 - Pays in more than 60 days, but less than 90 or when two payments
are due.
R5 - Account is at least 120 days past due but is not yet rated R9.
R6 - No rating exists.
R7 - Paid through a consolidation order, consumer proposal or
credit counseling debtmanagement program.
R8 - Repossession
R9 - Bad debt, or placed for collection or bankruptcy
Each item on your credit report carries a corresponding ratings number that summarizes your account status.
R – Revolving Account
I – Installment Loan
I0 – Installment Loan with no Payments Yet
Repairing your credit report is one of the most important financial decisions you can make. Ovation Law is a trusted law firm, and we make the process convenient, personal, and effective. Contact us today for more information:
Phone: 1 (866) 639 - 3426
Email: info@OvationLaw.com