Each account on the report shall display a letter and a number. The letter tells you the variety of account:
- Installment Accounts (I) вЂ“ You make regular, fixed payments through to the loan is paid in full. Examples: car and truck loans and student education loans.
- Open Status Accounts (O) вЂ“ Balances are paid at the conclusion of each billing cycle. Payments might be different each month, predicated on contract and usage.
Examples: credit card where the balance should be paid in full each month and mobile phone bills.
- Revolving Accounts (R) вЂ“ You can borrow funds, as required, as much as a collection limit. Payments vary, according to your balance. You may pay a minimum payment and carry a balance. Examples: charge cards , personal lines of credit .
- Mortgage Accounts (M) вЂ“ Home mortgages and home equity credit lines may or might not be reported.
Each account is also assigned a true number between 0 and 9, rating how well you may be managing payments on that account.
- 0 is employed for brand new accounts
- 1 means you always pay within 30 days
- 2 means you have paid 31-59 days late
- 3 means you have paid 60-89 days late
- 4 means you have paid 90-119 days late
- 5 means you’ve got paid significantly more than 120 days late
- 6 is certainly not currently used
- 7 means you may be focusing on consolidation, consumer proposal or debt management program
- 8 means repossession
- 9 means you are in collections or have declared bankruptcy