These ratings are used in conjunction with your Credit Score to determine your credit worthiness
Standard Credit Bureau Ratings in Canada
R0 Too new to rate; approved but not used
R1 Pays within 30 days of billing, or pays as agreed
R2 Pays in more than 30 days but less than 60 or one payment past due
R3 Pays in more than 60 days but less than 90 or two payments past due
R4 Pays in more than 90 days but less than 120 or three or more payments past due
R5 Account is at least 120 days past due but is not yet rated R9
R6 No rating exists
R7 Paid through a consolidation order, consumer proposal or credit counselling debt management program
R9 Bad debt or placed for collection or bankruptcy
CHECK YOUR CREDIT REPORT REGULARLY
By law, you are entitled to a copy of all the information a credit agency has on you.
Start by obtaining your credit reports from both Trans Union and Equifax. Each bureau uses different methods to calculate your report, so they will be different and you need to monitor both.
Do not phone, they will not discuss your credit report on the phone.
Errors are very common. You can dispute erroneous items on your report. Correcting them will take a lot of time, work and effort.
Call the credit bureau and point out their errors. They will send you a reporting form The credit bureau must review your complaints, however they will insist on your supplying the material using their forms. The forms explain how to file disputes and get corrections made.
It is an uphill battle and you will have to fight them and be persistent.
You also have a right to place a 100 word statement on the credit bureau file to be given to anyone who obtains a future report. To obtain a hard copy of your personal credit file by mail: