Each account in your report will display a letter and a number. The letter informs you the kind of account:
- Installment Accounts (I) вЂ“ You make regular, fixed payments through to the loan is paid in full. Examples: car loans and figuratively speaking.
- Open Status Accounts (O) вЂ“ Balances are paid at the end of each cycle that is billing. Payments could be different each based on contract and usage month.
Examples: charge card where the balance needs to be paid in full each month and cellular phone bills.
- Revolving Accounts (R) вЂ“ You can borrow cash, as needed, as much as a collection limit. Payments vary, based on your balance. You might pay a minimum payment and carry a balance. Examples: charge cards , credit lines .
- Mortgage Accounts (M) вЂ“ Home mortgages and home equity lines of credit may or may possibly not be reported.
Each account can be assigned a number between 0 and 9, rating how well you are managing payments on that account.
- 0 is employed for brand new accounts
- 1 means you always pay within 30 days
- 2 means you’ve got paid 31-59 days late
- 3 means you have got paid 60-89 days late
- 4 means you’ve got paid 90-119 days late
- 5 means you have paid significantly more than 120 days late
- 6 just money mutual loans online isn’t currently used
- 7 means you might be taking care of consolidation, consumer proposal or debt management program
- 8 means repossession
- 9 means you’re in collections or have declared bankruptcy