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What to look for on your credit report
Lenders use codes to send information to the credit bureaus about how and when you make payments.
These codes have two parts:
- a letter shows the type of credit you’re using
- a number shows when you make payments
You may see different codes on your credit report depending on how you make your payments for each account.
- 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