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What is a credit rating?

Each piece of credit history information in your credit file is assigned a rating by the credit grantor. The most common ratings are "R" ratings. These are known as North American Standard Account Ratings. The "R" indicates that the item being described involves revolving credit. If you always pay on time, it will be coded an R1. If an amount was written off because you never paid it back, it is coded R9. The R ratings are a coding system that translates "on time", "one month late", "and two months late", etc., into two-digit codes.

Also, most credit grantors now commonly use a numerical system called FICO or Beacon score. It is not usually included in the free credit report you can order.

Licensed Insolvency Trustees do not report to or have access to Credit Bureau information; your creditors and the Office of the Superintendent of Bankruptcy (OSB) report to the credit bureaus.

Your credit rating: what it means



Too new to rate; approved but not used



Pays (or paid) within 30 days of billing or pays as agreed



Pays in more than 30 days but less than 60 days, or not more than two payments past due



Pays in more than 60 days from payment due date, but less than 90 days, or not more than three payments past due



Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due



Account is at least 120 days overdue, but is not yet rated "9"



Making regular payments through a special arrangement to settle your debts re: O.P.D. or Proposal



Repossession (voluntary or involuntary return of merchandise)



Bad debt; placed for collection; moved without giving a new address; bankruptcy

» Investigate your credit rating



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