Understanding your credit report
Letter | Meaning | Example |
---|---|---|
I | Installment credit You borrow money for a specific period of time. You make regular payments in fixed amounts until you pay off the loan. |
Car loan |
O | Open status credit You may borrow money when you need to, up to a certain limit. |
Mobile phone account |
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. |
Credit card |
M | Mortgage loan Mortgage information may be included on your credit report. |
Mortgage |
Number | Meaning |
---|---|
0 |
|
1 |
|
2 |
|
3 |
|
4 |
|
5 |
|
6 |
|
7 |
|
8 |
|
9 |
|
For example:
- If you have a credit card account that you paid on time, it’ll be reported as “R1”
- If you have a line of credit, and you missed a payment by 45 days, it’ll be reported as “O2”
- If you have credit card debt and you’re being contacted by a collection agency for payment, it’ll be reported as “R9”
The best rating is 1. Any number higher than 1 will likely hurt your credit score.
Sample credit reports
To better understand how to read your credit report, find a sample credit from:
Note: These examples are for illustration purposes only. They may not include all information typically provided in a credit report. The presentation has been modified for online display.
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