What do the Credit Ratings Mean?Posted on November 5, 2009

If you are looking at your credit report, you may be wondering what the number ratings indicate.
The following list 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.

Number Rating
R0 Too new to rate. Approved but not used.
R1 Account in good standing. Pays within 30 days of billing or as agreed.
R2 Pays in more than 30 days, but less than 60 or when next payment is due.
R3 Pays in more than 60 days, but less than 90 or when two payments are due.
R4 Pays in more than 90 days, but less than 120 or when two payments are due.
R5 Account is at least 120 days past due but is not yet.
R6 No rating exists.
R7 Paid through a consolidation order, consumer proposal or credit counseling debt management
program.
R8 Repossession.
R9 Bad debt, tax lien, charge-off, 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

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