Canadian Credit Repair - Credit report ratings - What do they mean. - Canada

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RE: RATING SYSTEMS

Postby ranzzzz » Sat Apr 05, 2008 02:47:39 PM

Dispute the R9 one, it should be dropped off 6 years from the last date of activity.
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RE: RATING SYSTEMS

Postby Madmom2008 » Sat Apr 05, 2008 01:46:07 PM

Now I am really confused.
On my Credit Report that I recently received from Equifax under the Credit History and /or Banking Information section it shows that I have the following:

One I5
One I1 and

One R9 (which has been paid off for 8 years now).

All of the companies which reported has been paid, how do I get this stuff off my report so that I can get on with my life?

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RE: RATING SYSTEMS

Postby montyloree » Tue Dec 27, 2005 12:00:00 AM

Thanks Lisa,
That's true.. the R rating is shown more often than the I rating.

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RE: RATING SYSTEMS

Postby LisaM » Sun Oct 02, 2005 12:00:00 AM

Just a small note to the information you posted on the Rating System:

There is no "L" rating - it is called "I" and stands for Installment (meaning Loan).

There is no rating number of "6" for either R or I ratings. At 5 (which means 5 months late) all lending institutions will write off their debts. These debts then jump to an R9 meaning Written-off/Bad Debt. This is when it will most likely be sent to a Collection Agency.
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Credit report ratings - What do they mean.

Postby montyloree » Sun Oct 02, 2005 12:00:00 AM

Did you know that there are no laws in Canada that regulate the "R" rating system with the credit bureaus?

Ratings are as follows:
"R" ratings are for revolving credit lines such credit cards, lines of credit.
These loans keep revolving and are never expected to be paid off completely.
R1 , R2 , R3 , R4 , R5 , R6 , R7 , R8 , R9

"I" rating system is for loans which have a fixed length of time. ie.. if you have a 5 year loan, it will completely paid off in a 60 month term.
I1, I2 , I3 , I4 , I5 , I6 , I7 , I8 , I9

R1 and I1 are the best. R9 and I9 are the worst cost big time on your credit score.
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