R Score Credit Ratings
Most commonly, with Equifax, your accounts, and loans are each ranked separately on a scale of how positive the repayment history has been. The credit scale begins at zero and ends at nine—zero being too new to have a rating, and nine showing that the account has been written off. The r score rating is an indication of your history with revolving credit, that is a consideration in your overall credit score. Below are the numerical r score credit rating and their meaning:
| R Rating | Meaning |
|---|---|
| R0 | Too new to rate |
| R1 | Account in good standing |
| R2 | A payment or payments have been made more than 30 days late |
| R3 | A payment or payments have been made more than 60 days late |
| R4 | A payment or payments have been made more than 90 days late |
| R5 | A payment or payments have been made more than 120 days late |
| R6 | Does not exist |
| R7 | Account has been seen by a credit counselling or debt management agency and a re-payment structure has been created that is different than that of which was originally agreed upon at the onset of the account |
| R8 | Secured loan of which the security has been repossessed |
| R9 | Has been written off, sent to a collections agency or account was involved when bankruptcy was claimed |
For example, a credit card with good repayment history would have a rating of R1- displaying a revolving credit account with good standing.
It is important to always keep up to date with your accounts, as even being late a couple of times within the last few years can impact your overall credit score, and cause challenges when getting an auto loan.
If you have questions or want to learn more, Contact us and we will be happy to help!