What does 7 mean on Experian credit report?
What do the status codes mean on Experian
Payments monthly will be shown with a status code which shows if the payment has been made on time. A status code of '0' under each month shows all payments have been made on time. A status code of '1' shows that a payment was one month late. If payment is not made the following month the status code is shown as 2.
What does a 6 mean on a credit report
2, 3, 4, 5, and 6 follow on in a very straight forward pattern – the recorded number will increase consecutively with each missed monthly payment. Any of these statuses count as arrears. The higher the number, the more serious the arrears and the more serious the impact on your Credit Report and score.
Is an R7 credit rating bad
A R1 is the most favourable score that suggests you meet your financial commitments on time, whereas a R9 suggests you have declared bankruptcy. If, on the other hand, you have filed a consumer proposal, you will be given a R7 rating, which is a low credit score that will remain until the end of your consumer proposal.
What is an 8 on credit report
FICO 8 scores range between 300 and 850. A FICO score of at least 700 is considered a good score. There are also industry-specific versions of credit scores that businesses use. For example, the FICO Bankcard Score 8 is the most widely used score when you apply for a new credit card or a credit-limit increase.
What is code 5 on credit report
Credit Bureau Status Codes – sorted by description
| Code | Description |
|---|---|
| 05 | Account transferred to another office. |
| 88 | Claim filed with government for insured portion of balance on a defaulted loan. |
| 11 | Current account. |
| 89 | Deed received in lieu of foreclosure on a defaulted mortgage. |
What is account status code 13
13 – Paid or closed account/zero balance. 61 – Account paid in full, was a voluntary surrender. 62 – Account paid in full, was a collection account. 63 – Account paid in full, was repossession.
Is 7 a good credit rating
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
Is 6 a bad credit score
Here's how the FICO credit scoring system ranks credit scores: Poor: 300-579. Fair: 580-669. Good: 670-739.
How long does R7 stay on credit
three years
If you file a consumer proposal an R7 is placed on your credit rating for three years after your last payment has been made. If you are looking into how you want to deal with your debt, it is important to take your credit rating into consideration.
Is 8 a bad credit score
Here's how the FICO credit scoring system ranks credit scores: Poor: 300-579. Fair: 580-669. Good: 670-739.
What does a 9 rating mean on credit report
poorest rating
Credit ratings are based on a scale from 1, which is the best rating and means you pay your bills within 30 days of the billing date, to 9, which is the poorest rating, which could mean you never pay your debts at all, you've been placed for collection, or you have filed for bankruptcy.
What does a 9 mean on a credit report
O9. Bad debt; placed for collection.
What does 05 mean on a credit card
List of common credit card declined codes. 05 / Do not honor: The customer's bank won't let this payment go through. To resolve the problem, ask the customer to contact their bank and then try again.
What is account status code 11
Valid codes are: NOTE: Third Party Collections/Factoring/Debt Purchasing Companies and Attorneys may only use codes 62, 93, and DA or DF. 05 – Account transferred to another office. 11 – Current Account (0-29 days past the due date).
What are the 7 credit score ranges
Credit score ranges – what are they800 to 850: Excellent. Individuals in this range are considered to be low-risk borrowers.740 to 799: Very good.670 to 739: Good.580 to 669: Fair.300 to 579: Poor.
What is a 7 30 credit rating
A FICO® Score of 730 falls within a span of scores, from 670 to 739, that are categorized as Good.
Is 7.0 A good credit score
The base FICO® Scores range from 300 to 850, and a good credit score is between 670 and 739 within that range.
Is 5 a bad credit score
Here's how the FICO credit scoring system ranks credit scores: Poor: 300-579. Fair: 580-669. Good: 670-739.
How much does R7 affect credit score
If you file a consumer proposal, a rating of R7 will be applied to your credit report. That rating is only two points lower than an R9 — the worst rating possible — so your credit will be significantly damaged by the consumer proposal.
What is an R7 on credit bureau
The debt will be coded as an R7 which means you have entered into an arrangement to settle your debts with your creditors. A perfect credit rating is an R1, and bankruptcy is an R9, so a proposal is sometimes viewed as slightly better than a bankruptcy.