What is R1 credit?

R1 is an indication of a good payment history and R9 is an indication of a poor payment history. • I1-I9 payment codes. The range of payment codes for installment accounts. I1 is an indication of a good payment history and I9 is an indication of a poor payment history.

What is an R1 account?

For example, if you have a credit card account that you paid on time, it will be reported as “R1.” If you also have a line of credit, and you missed your payment by 45 days, it would show up as “O2.” TransUnion Canada also uses a chart to show your history of payments over the last two years.

What does R mean in credit report?

"R” refers to revolving credit like a credit card, where you have a credit line that you borrow against each month and then repay only the amount that you use. The R rating reflects your repayment history for revolving credit accounts. There is also the “I” rating for installment loans, like a student or mortgage loan.

What does the credit rating R mean?

Your rating also comes with a letter. The most common is “R,” which means you have revolving credit, such as a credit card. An “I” means you were given credit on an installment basis, such as for a car loan, and an “O” means open credit, such as a line of credit.

What is l1 credit rating?

“l1“ means your last reported car loan payment was made as agreed. Check your payment history. “R2“ means that you made a credit card payment 30 to 60 days after the payment due date. Check to see that information about any reported bankruptcy is correct.

What your credit score actually means

Is R1 a good credit rating?

An "R" rating is also included in your credit score. This rating is assigned by lenders based on your past history of borrowing and paying off debts, and it can range from 1 through 9. An R1 rating is the best, meaning you pay your debts on time, within 30 days, and an R9 is the worst.

What is R7 credit score?

When you file a consumer proposal, an “R7” rating is assigned to your credit report. An R7 rating indicates that you are making regular payments through a consumer proposal with your creditors. The R7 rating is a specific code used by credit bureaus to indicate that you have entered into a consumer proposal.

What does R2 mean in credit?

North American Standard Account Ratings: “R” Ratings

R1: Pays (or paid) within 30 days of payment due date or not over one payment past due. R2: Pays (or paid) in more than 30 days from payment due date, but not more than 60 days, or not more than two payments past due.

Is an R7 credit rating bad?

An R1 rating means you make payments on time, whereas an R9 means you have declared bankruptcy. If you have filed a consumer proposal, you will have an R7 rating—a very low credit score that will remain unchanged until your proposal ends.

What is a R9 credit rating?

An R9 means that you have declared bankruptcy or your debt has been put into collection. This is the worst score on your credit rating.

What is R on Equifax credit report?

R: 'Not reported' – the bank or credit provider didn't provide payment history for this period, which is a fault with the credit provider, not necessarily you as an account holder.

How long does R7 stay on credit?

Filing a consumer proposal will typically result in an R7 rating for 6 years from the date the proposal is filed, or three years from the day the proposal is complete, whichever comes first.

What does r01 mean on a credit report?

Insufficient Funds. The available and/or cash reserve balance is not sufficient to cover the dollar value of the debit entry.

What is a good credit score?

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

What are the 4 categories on a credit report?

These four categories are: identifying information, credit accounts, credit inquiries and public records.

Does debt show up on credit report?

While most major lenders and creditors report to at least one of the credit reporting agencies, there is no requirement to report, and not all companies do. Therefore, it is possible to owe a debt that does not appear on any of your credit reports.

Why is my credit score 777?

People with credit scores of 777 typically pay their bills on time; in fact, late payments appear on just 22% of their credit reports. People like you with Very Good credit scores are attractive customers to banks and credit card issuers, who typically offer borrowers like you better-than-average lending terms.

What is a 427 credit score?

Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 427 FICO^® Score is significantly below the average credit score. Many lenders view consumers with scores in the Very Poor range as having unfavorable credit, and may reject their credit applications.

Is 777 an excellent credit score?

A 777 credit score is often considered very good — or even excellent. With excellent credit, your credit scores become more of a bridge and less of a roadblock — a high score can help you qualify for premium rewards credit cards, auto loans and mortgages with the best terms.

How do I fix my R9 credit rating?

R9 credit can be resolved in one of a few ways:

1. You can pay the debt in full – it should be removed 7 years from the date the debt has been paid in full. 2. You can make a settlement on the debt with your creditor(s) the R9 credit should be removed from your credit 7 years from the date it is reported as settled.

What is C1 credit rating?

C1-rating indicates a moderate credit risk and is assigned to companies with relatively stable credit worthiness. C2. C2-rating indicates relatively high credit risk and is assigned to companies with low credit worthiness.

What is M1 credit rating?

The index ranges from M1 to M9 where M1 indicates negligible delays in payments while M9 indicates the customer delays on average over 3 times the agreed payment terms.

How rare is a 750 credit score?

You are one of the 48% of Americans who had a score of 750 or above as of April 2023, according to credit scoring company FICO. FICO Blog. Average U.S. FICO Score at 718.

What is a 460 credit score?

Your score falls within the range of scores, from 300 to 579, considered Very Poor. A 460 FICO^® Score is significantly below the average credit score. Many lenders view consumers with scores in the Very Poor range as having unfavorable credit, and may reject their credit applications.

What is a 750 credit score worth?

A 750 FICO^® Score is above the average credit score. Borrowers with scores in the Very Good range typically qualify for lenders' better interest rates and product offers. 25% of all consumers have FICO^® Scores in the Very Good range.