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.

For example:

• 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