Understanding your credit report
The "1" in a status code indicates that the account holder has never missed a payment and the alpha character abbreviates the type of debt. "R" stands for a revolving account, such as credit card or home equity line, and "I" is for installment loan, such as . A rating of R1 means that you have not had a late payment on this account. The goal for any credit account, as the consumer, is to obtain this rating for all all the credit reporting. The R1 rating is the coveted, desired goal for you as the consumer. The number of R1 ratings is directly proportional to your credit score. It is extremely important.
Get your free credit report consultation today, Start now. R1 and R9 are notes left on your credit reports by your creditors. These notes are used to indicate the status of the credit items on your reports. Cfedit this case, the R1 indicates that the account is a revolving r11 in good standing. R9 indicates a revolving account very poor standing.
R1 and R9 are whay two of the many account classifications your creditors can add to your credit reports. Each of these classifications consists of two parts, the account type and the account credkt. On your credit reports, "R" refers to a revolving credit account, "I" refers to an individual account and "M" refers to a mortgage account.
These classifications then include a rating supplied by repkrt creditor who reported the item. It is their rating of you as a borrower. There are only two ratings which are not negative. A rating of "1" is good and a rating of "0" means that they don't how to make screw threads in solidworks enough history with you to rate you.
Every other rating, rfport through "9" is negative. In our experience, creditors don't look at these ratings when you apply for financing. The creditor usually looks at the late pays or other notations such as " charge off " or " collections. All rights reserved. John C. Credit Access. Credit repair scams Credit repair laws Frequently asked questions.
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What does r1 mean on credit report Repair. Take Control of How to fly to thailand cheap Credit. Meah credit consultant is open to review your FREE credit report summary. Call now for your FREE consultation:. Lexington Law offers a free what does r1 mean on credit report repair consultation, which includes a complete review of your FREE credit report summary and score.
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R1 and R9 are notes left on your credit reports by your creditors. These notes are used to indicate the status of the credit items on your reports. In this case, the R1 indicates that the account is a revolving account in good standing. R9 indicates a revolving account very poor standing. R1 and R9 are just two of the many account classifications your creditors can add to your credit reports. An R1 or I1 is an indication of a good payment history. A credit report code of zero means that there is nothing to rate or the account is too new; 1 means paid as agreed; 2 means up to 59 days past due; 3 means more than 60 days, but less than 90 days past due; and 5 means . If you have a credit card account that you paid on time, itТll be reported as УR1Ф If you have a line of credit, and you missed a payment by 45 days, itТll be reported as УO2Ф If you have credit card debt and youТre being contacted by a collection agency for payment, itТll be reported as УR9Ф The best rating is 1.
These ratings are used to indicate the nature in which you repay that debt back to a creditor and the status of that debt. A credit restoration company can help you fix some of these ratings. A rating of R0 indicates that you have the newly formed history with this creditor. An R0 rating means that there is not enough information to form an accurate history for this account. A rating of R1 means that you have not had a late payment on this account. The goal for any credit account, as the consumer, is to obtain this rating for all all the credit reporting.
The R1 rating is the coveted, desired goal for you as the consumer. The number of R1 ratings is directly proportional to your credit score. It is extremely important. A rating of R2 indicates that you had a late, day payment.
Simply put, this means you missed a payment. While this by itself is not conclusive, combined with other items on your credit report it could tell the creditor an opinion regarding your credit worthiness.
A rating of R3 Indicates that you have had a missed it became it for over 60 days. This means that you missed two payments in succession. This type of reporting draws harsh attention from future lenders. Not finding your answer? JRW Top Beacon is here to help! Rating Description R0 or I0 You are new to the credit world, and you have an insufficient credit history for making an accurate judgment of your future risk.
R1 or I1 You paid your credit back in 1 month. This is considered and on-time payment. R2 or I2 You paid the credit back in 2 months. You were late 30 days. R3 or I3 You paid your credit back in 3 months. You were late 60 days. R4 or I4 You paid your credit back in 4 months.
You were late 90 days. R5 or I5 You have not repaid in four months. R7 or I7 You are making a consolidated debt payment. R8 or I8 Debt was cleared by selling the credited item. This usually means repossession. R9 or I9 You officially have bad debt default , which usually means the debt is uncollectible. Your Seattle credit repair experts American Express.
Have a credit repair question? More Info. You are new to the credit world, and you have an insufficient credit history for making an accurate judgment of your future risk. You paid your credit back in 1 month.
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