What is an R7 Equifax?
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 does a R7 credit rating mean
An R7 rating means that you have done a consumer proposal, a credit counselling program or you are making payments through an agreed arrangement to pay off your debt. An R8 is given when repossession has taken place, such as a car repossessed and sold, to pay off the loan.
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.
What does the R mean on Equifax
R. Not Reported – Repayment data was not reported for this period. P. Pending – Repayment data has not yet been reported for this period (applies only if the period is the month preceding the enquiry)
What does R mean on a credit score
R. Revolving or recurring credit. You may borrow money up to your credit limit on an ongoing basis. You make regular payments in varying amounts depending on the balance of your account.
What is a good Equifax score
670 to 739
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.
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 R rating credit score
Rating Numbers
Different letters can appear before your rating number, which indicate various things: “R” stands for “revolving” credit. You make regular payments in fluctuating amounts dependent on the account's balance and can then borrow more money up to your credit limit.
What is the difference between R7 and R9 credit rating
An R1 rating means you make payments on time, whereas an R9 means you have declared bankruptcy. If you have filed a consumer proposal, you will have an R7 rating—a very low credit score that will remain unchanged until your proposal ends.
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 Equifax usually the lowest score
Neither score is more or less accurate than the other; they're only being calculated from slightly differing sources. Your Equifax credit score is more likely to appear lower than your TransUnion one because of the reporting differences, but a “fair” score from TransUnion is typically “fair” across the board.
Why is Equifax the lowest score
Why Is My Equifax Score Lower Than TransUnion The lower Equifax number is a common concern for many people. The reason that this score is lower than your TransUnion score is based on the fact that TransUnion adds personal information and employment data that is weighted into their model.
What does the R mean on a credit report
R. Not reported – Repayment data was not reported for. this period. Not reported – Repayment data was not reported for. this period.
What the difference between a R7 and R9 on credit rating
An R1 rating means you make payments on time, whereas an R9 means you have declared bankruptcy. If you have filed a consumer proposal, you will have an R7 rating—a very low credit score that will remain unchanged until your proposal ends.
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.
Is Equifax your real credit score
The Equifax credit score is an educational credit score developed by Equifax. Equifax credit scores are provided to consumers for their own use to help them estimate their general credit position. Equifax credit scores are not used by lenders and creditors to assess consumers' creditworthiness.
What is a R1 rating on Equifax
Definition
| R0 | File is too new to be classified. Credit is authorized, but not used; |
|---|---|
| R1 | Payments are always made as provided for in the contract; paid within 30 days of billing date or having no more than one late payment; |
| R2 | Paid within 30 days to 60 days from the due date or having no more than two late payments; |
What is Equifax score range
from 280-850
What are the Equifax credit score ranges The Equifax Credit Score ranges from 280-850. It is calculated using information in your Equifax credit report. The Equifax credit score is an educational credit score designed to give you an idea of where your credit stands.
What is a good score with Equifax
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.
What does an R mean on a credit report
revolving credit
"R” refers to revolving credit like a credit card, where you have a credit line that you borrow against each month and then repay only the amount that you use. The R rating reflects your repayment history for revolving credit accounts. There is also the “I” rating for installment loans, like a student or mortgage loan.