When you receive your credit report it will be flaged with symbols representing how you pay your bills. So when you are shopping remember to purchase only what you know you can pay for in a timely manner. Your credit score is based on how you pay monthly.
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
To maintain your financial well-being, it is vital to monitor the status of your credit report and remove any inaccuracies.
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