I5 or I9, what's the difference?

Discussion in 'Credit Talk' started by suedan217, Aug 6, 2002.

  1. suedan217

    suedan217 Well-Known Member

    Equifax just told me that two of my accounts are going to be changed from I9s to I5s. What will this mean exactly? And will this still be considered derogs?
     
  2. QUEEN_BEE

    QUEEN_BEE Well-Known Member

    I5=collection
    I9=charge off, repossession
     
  3. suedan217

    suedan217 Well-Known Member

    So score wise and derogatory wise, no change really at all?
     
  4. QUEEN_BEE

    QUEEN_BEE Well-Known Member

    I5 is/is slightly better than I9.

    I1 is the best rating; I9 is the worst.
     
  5. suedan217

    suedan217 Well-Known Member

    Is I5 still derogatory?
     
  6. charlieslex

    charlieslex Well-Known Member

    Love, I believe a repo is I8. Charlie
     
  7. QUEEN_BEE

    QUEEN_BEE Well-Known Member

    Yes, here is a thread on the statuses. CLICK HERE
     
  8. suedan217

    suedan217 Well-Known Member

    Thanks very much. Also to clarify, these are two old student loans.
     
  9. PsychDoc

    PsychDoc Well-Known Member

    Re: I5 or I9, what's the difference

    Equifax assigns a "Status" to tradelines which appears as either O, I or R followed by a number. "O" refers to an "Open" account where the entire loan balance is due at a specific time. "I" stands for "Installment" as in car loans, mortgages, and other loans with a fixed initial principal and a preplanned payment schedule of equal payments. "R" stands for "Revolving" which of course refers to credit cards, charge cards, lines of credit, bank signature loans, and the like.

    Equifax then attaches a number to the I or R. So, for example, you may see an "R1" next to your Searscard account. Or you might notice an "I2" next to your mortgage tradeline. Here's what the numbers stand for:

    0 -- too new to rate
    1 -- paid as agreed
    2 -- 30 days late
    3 -- 60 days late
    4 -- 90 days late
    5 -- 120 or more days late or collection account
    7 -- account in deferred plan (counseling/consolidation program, etc.)
    8 -- repossession
    9 -- charged-off to bad debt

    Hope this helps.

    Doc
     
  10. suedan217

    suedan217 Well-Known Member

    Re: I5 or I9, what's the difference

    Thanks. What could be my next step now to getting these removed. I disputed them through CRA as not mine. And when I talked to them today, they said that the OCs would update as just I5.
     
  11. kbanger

    kbanger Well-Known Member

    Re: I5 or I9, what's the difference

    I have the same problem with Sallie Mae it went from I9 to I5, I want it to go away
     
  12. suedan217

    suedan217 Well-Known Member

    Re: I5 or I9, what's the difference

    kbanger, did you notice a difference in your scores when the change came about?
     
  13. kbanger

    kbanger Well-Known Member

    Re: I5 or I9, what's the difference

    S217---
    It will not update until the 10th, I will let everyone know how my score does. I hope to be in the 600 club after my first round of disputes. I have alot of collections coming off. I know it will help my equifax, as for the other screws we will see
     
  14. suedan217

    suedan217 Well-Known Member

    Re: I5 or I9, what's the difference

    Yes, please let me know. I hope that it makes a difference.
     

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