Separate names with a comma.
Discussion in 'Credit Talk' started by star, Nov 1, 2001.
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I9 means installment loan charge off
R9 means revolving charge off (mc,visa,retail store)
R7 is new to me never heard of that one.
I have I1 on two auto loans, so thats good right? and I have an I7 on ford credit that is didnt get paid off thru my 13, Im guessing thats not good, but how would you explain my electric company has me listed as having lots of lates but status is I1-whats that mean?
I = Installment account
R = Revolving Account
00 Too new to rate, or no rating
01 Pays (or paid) within 30 days of payment due date, or not over one payment past due
02 Pays (or paid) within 30 days of payment due date, but not more than 60 days, or not more than two payments past due
03 Pays (or paid) within 60 days of payment due date, but not more than 90 days, or not more than three payments past due
04 Pays (or paid) within 90 days of payment due date, but not more than 120 days, or not more than four payments past due
05 Pays (or paid) within 120 days of payment due date or not more than four payments past due
07 Making regular payments under Wage Earner Plan or similar arrangement
8A Voluntary Repossession
8D Legal Repossession
8P Making payments to account with MOP/08
8R Repossession redeemed
09 Bad debt; placed for collection
9B Collection account
9P Making payments or paid with an MOP of 09 or 9B
This is for Transunion - I think the others are similar. I do recall one CRA uses R9 to also identify accounts paid through credit counseling.
what if your status is listed as I1 but under Previous Payment History it lists out late pays? For evaluation and scoring purposes, will most stop at I1?
That's still considered an "adverse" account. I had a c.c. that was paid/paying as agreed (or R1 in Equifax language), however it still showed up under derog/adverse accounts.
I believe that I7/R7 is also the designation used for accounts under CCCS.