by montyloree » Sun Oct 02, 2005 12:00:00 AM
Did you know that there are no laws in Canada that regulate the "R" rating system with the credit bureaus?
Ratings are as follows:
"R" ratings are for revolving credit lines such credit cards, lines of credit.
These loans keep revolving and are never expected to be paid off completely.
R1 , R2 , R3 , R4 , R5 , R6 , R7 , R8 , R9
"I" rating system is for loans which have a fixed length of time. ie.. if you have a 5 year loan, it will completely paid off in a 60 month term.
I1, I2 , I3 , I4 , I5 , I6 , I7 , I8 , I9
R1 and I1 are the best. R9 and I9 are the worst cost big time on your credit score.