"R0-R" What Do These Notes Mean On Your Credit Report?

The Credit Industry Rating Standard

A rating scale is applied to each item on an individuals credit report. This rating scale starts at 0 and ends at 9. This rating indicates the status of each item for the creditor and responsible party for the debt. These "notes" are placed by the creditors and can be seen by anyone who pulls your credit report.

Have you seen the ratings and notes on your credit report?
Review the below chart so you can know what it all means.

R0 An item is too new to rate, it is approved but not fully in use.
R1 No more than one late payment, met the commitment to make payment within 30 days.
R2 No more than two payments past due and payments have been made within 30 days of due date.
R3 No more than three late payments, payments made within 60-90 days of due date.
R4 Four payments are past due but paid within 90 days to due date.
R5 Account is 120 days or more past due.
R7 Regular payments are being made through a special arrangement to settle your debts.
R8 Repossession of merchandise including voluntary/involuntary.
R9 The lowest of rating indicated bad debt and placed into collections.

Not all creditors review these ratings, however anything higher than an R1 shows there is a problem with the account. Innovative Credit Consultants can help you understand your current credit score and credit history. Every little detail counts. Consumers deserve a chance to learn about what their individual credit report really means- item by item. ICC provides personal attention and credit education to consumers nationwide. Contact us today for a no-charge credit report evaluation.

A credit repair professional will conduct a credit repair consult -obligation free- for your benefit. Let's take a closer look at your credit and figure out what you need! Your credit future needs ICC.

Visit: www.icreditinc.com