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.
|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.|