What is the R1 rating on a credit report?
“R1” is the rating you should aim for. It means you pay your bill on time. Anything above an “R1” rating means you have missed a payment. The higher the “R” number, the longer your delinquency is.
An "R" rating is also included in your credit score. This rating is assigned by lenders based on your past history of borrowing and paying off debts, and it can range from 1 through 9. An R1 rating is the best, meaning you pay your debts on time, within 30 days, and an R9 is the worst.
For example, if you have a credit card account that you paid on time, it will be reported as “R1.” If you also have a line of credit, and you missed your payment by 45 days, it would show up as “O2.”
A number 1 status confirms that a payment was made late, or you are up to one month behind. One late payment is viewed by most lenders as a relatively minor and common offence due to human nature, so a single late payment is unlikely to seriously affect your ability to gain credit.
| Code | Title | Time Frame |
|---|---|---|
| R01 | Insufficient Funds | 2 Banking Days |
| R02 | Account Closed | 2 Banking Days |
| R03 | No Account / Unable to Locate Account | 2 Banking Days |
| R04 | Invalid Account Number Structure | 2 Banking Days |
"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.
Your rating also comes with a letter. The most common is “R,” which means you have revolving credit, such as a credit card. An “I” means you were given credit on an installment basis, such as for a car loan, and an “O” means open credit, such as a line of credit.
A rating of R1 Indicates that you have paid this debt on time throughout the course of the account's history. A rating of R1 means that you have not had a late payment on this account.
An R9 means that you have declared bankruptcy or your debt has been put into collection. This is the worst score on your credit rating. When you file for bankruptcy and get an R9 on your credit rating, that will stay on there for six years after the bankruptcy is discharged as long as this is your first bankruptcy.
Lenders generally see those with credit scores 670 and up as acceptable or lower-risk borrowers. Those with credit scores from 580 to 669 are generally seen as “subprime borrowers,” meaning they may find it more difficult to qualify for better loan terms.
What does 1 and 2 mean on credit report?
Credit Report Status Codes
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. Late payment status codes run up to 6 when they then revert to status 8.
An R7 rating indicates that you are making regular payments through a consumer proposal with your creditors.
| Credit Tier | Description | Credit Score Range |
|---|---|---|
| Tier 1 | Excellent Credit | 800 – 850 |
| Tier 2 | Great | 740 – 799 |
| Tier 3 | A Good Credit Score | 670 – 739 |
| Tier 4 | Fair | 580 – 669 |
An R01 is for mature research projects that are hypothesis-driven with strong preliminary data. R01s provide up to 5 years of support, with a budget that reflects the costs required to complete the project. If you have strong preliminary data supporting your hypothesis, we recommend applying for an R01.
Impact scores run from 10 to 90, where 10 is best. Generally speaking, impact/priority scores of 10 to 30 are most likely to be funded; scores between 31 and 45 might be funded; scores greater than 46 are rarely funded.
| Year | Current Dollars | |
|---|---|---|
| 2018 | $534,281 | [ 2018, 534281, 292058 ] |
| 2019 | $548,390 | [ 2019, 548390, 294110 ] |
| 2020 | $559,680 | [ 2020, 559680, 295014 ] |
| 2021 | $571,561 | [ 2021, 571561, 293938 ] |
Debts in a consumer proposal are coded as R7 on a credit report, meaning you've agreed to settle them with your creditors. For some perspective, a rating of R1 is considered to be perfect credit, while bankruptcy is recorded as R9. R9 is essentially the lowest rating someone can have.
A consumer proposal will stay on your credit report for 3 years after you've finished paying it off. If you are able to finish paying off your consumer proposal in 3 years, the R7 rating will stay on your credit report for a total of 6 years. This being the case it makes sense to pay it off as quickly as possible.
If the individual's CIBIL credit history is only available for less than six months, a credit score of zero or NA means no history is available, and the credit reporting bureau does not have enough information to decide on your credit account.
R. Not reported – Repayment data was not reported for. this period. Not reported – Repayment data was not reported for. this period.
Does paying utility bills build credit?
Utilities bills typically have very minimal impact on improving your credit score. However, it is important to pay your bills on time because a utility company may report your account as delinquent, which can negatively impact your credit score. Consumer Financial Protection Bureau.
C1-rating indicates a moderate credit risk and is assigned to companies with relatively stable credit worthiness. C2. C2-rating indicates relatively high credit risk and is assigned to companies with low credit worthiness.
Explanation: In credit reporting, an R 4 rating signifies a generally poor credit. This rating indicates that the account being examined has been 90-120 days past due at least once, but no more than twice.
A simple update could change your report. If the R9 is related to unpaid debts, you will want to tackle those as soon as possible. Make a commitment to repay your creditors. If your debts are overwhelming and you don't think you can manage the repayments, you should contact a licensed insolvency trustee.
Most negative items should automatically fall off your credit reports seven years from the date of your first missed payment, at which point your credit score may start rising. But if you are otherwise using credit responsibly, your score may rebound to its starting point within three months to six years.
