What are R1 and R9?
1. “R” refers to a revolving account 2. “I” refers to an installment account 3. “M” refers to a mortgage account. These ratings are supplied by the creditor and describe you as a borrower. A rating of “1” is good, and a rating of “0” means that they don’t have enough information or history to give you a rating. Any other rating (“2” through “9” ) is considered negative. Usually creditors don’t look at these ratings when you apply for a loan. They normally look for late payments, charge offs, or collections. Check your credit report/ credit bureau and remove any errors. Keeping an eye on your credit is very important to ensure accuracy. Some companies neglect to properly report changes in account status. It’s up to you to make sure your credit history is accurate. Why should I check my credit report and credit bureau? It’s one thing to have bad credit, but it is another to have errors on your credit report through no fault of your own. The result, however, is the same – unless you corre
