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About Credit Reports

What is a charge off?

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A rating of R9 as reported by creditor to a credit reporting agency means that the account was charged off. This means that the debt is uncollectible and that the account holder has given up on collecting the debt. This means that due to your circumstances the company is able to ride this account and debt off as an official business loss for tax purposes.

You would have needed to indicate that you have no intention of repaying the loan or made no arrangements with the creditor. The account holder can send or sell the debt to another collections agency. Of course, laws vary from state to state. Contact your credit monitoring company or credit restoration agency for more assistance and specifics for your state.

If you have a charge off on your credit report, a credit restoration agency might be able to help you.

What does a rating of R1, R2, R3, R4, R5, R6, R7, R8, or R9 mean?

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The “R” rating system is a way to desribe your payment history with a particular credit agency. 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 Indicates that you have paid this debt on time throughout the course of the account’s history. 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, 30-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.

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.
You have a 120+ day late reporting.
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.

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What type of companies look at my credit report?

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It seems that more and more people these days, specifically companies, use your credit report history as a measure of your character. The types of companies that will pull your credit report on our insurance companies, loan companies, department stores, possible employers, and other financial institutions.

Prospective credit lenders will most certainly pull a copy of your credit report from all three credit reporting bureaus without exception. For most people, their beacon score is a strong indicator of the strength of the potential lendee.

If you plan on getting an insurance policy, term life, hole, or health insurance, your credit report and credit reporting history will tell the new company who they’re dealing with from a financial perspective.

If you rent a home, rather than own a home, the information contained in your credit report is vital to your acceptance for your rental application. A majority of property management companies use the renters’ credit score as the primaries and soul determining factor in regards to the acceptance of the rental application. It is absolutely imperative that people who rent homes rather than buying homes need to keep their credit report cards clean as possible. Renting history will not get you past a property management company. Your credit report and your credit reporting history will determine if you get the house.

How many negative credit reportings does it take to be denied credit?

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Contrary to popular belief, having a large portfolio of positive credit reportings does not offset a single negative listing. This means that a small amount of negative credit reporting activity will harm your credit rating and will may, in most cases, lead to a higher interest rate. For each credit lender, they may ask you to write a specific written explanation for why the item was listed negatively.

It’s a good idea to enlist with a credit monitoring service so you can make sure that the items on your credit report or accurate and truthful.

Can I look at my credit report?

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Under new Federal law, everyone is entitled to receive a free copy of their credit report every year. And request your free copy of your credit report through Equifax, Experian, and TransUnion credit reporting bureaus. you don’t need to visit a special web site to get a copy of your credit report. Many web sites such as free credit report.com, make it easy for the person to get a copy of their credit report. However, you can contact Equifax, Experian, and TransUnion directly to request a free copy of the credit report.

If you have already requested a free copy of your credit report, you can purchase one. You can contact the credit bureau directly and choose the option to purchase your credit report.

If you choose us to repair your credit, we will make sure that you have a copy of your credit report every single month. This is included in your regular monthly fee.

How many years do negative items stay on a credit report?

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Our nation’s (FCRA) Fair Credit Reporting Act requires that negative items on your credit report remain on your there for no more than seven years. In the case of bankruptcy, the items contained in your credit report will stay there for up to ten years and perhaps even longer depending on the circumstances.

A credit report inquiry, where you have applied for credit, can stay on your credit report for up to 24 months.

It’s also important to note that the ten year, seven year, two year term see our only time limits for reporting the items on your credit report. Always have those items removed sooner by using a credit repair and restoration service such as ourselves.

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