R9 rating?

[mommabear]

I received a letter from Capital One today that says the following:

Dear mommabear:

Thank you for your inquiry regarding your credit bureau report. After researching your account we took the following action:

We have requested to report your account as paid in full with a R9 rating.

Capital One forwarded this information to the following credit bureaus:

(Experian, Equifax, TransUnion Corporation)

Please allow 60-90 days for the credit bureaus to update the information on your credit file.

I searched and can't figure out what "R9 rating" means.

Anyone know?

[mommabear]

Just got a credit alert from TC about this...

"Improved Account"

[direred]

Weird. An R9 is a bad debt, I thought. That's under the pre-Metro2 system, also, and is like 20-30 years old.

That's before the new system of reporting variations in how bad a bad debt was; there is now a separate code for paid chargeoff.

Should be account status 64, looks like: "Account paid in full, was a charge-off."

If it's showing as improved on TC, I wouldn't argue about it, personally.

BTW, thank you for asking this question -- I managed to look something up and realize exactly how the company I'm suing is misreporting. Go, me!

[myscoresawful]

I received a letter from Capital One today that says the following:

Dear mommabear:

Thank you for your inquiry regarding your credit bureau report. After researching your account we took the following action:

We have requested to report your account as paid in full with a R9 rating.

Capital One forwarded this information to the following credit bureaus:

(Experian, Equifax, TransUnion Corporation)

Please allow 60-90 days for the credit bureaus to update the information on your credit file.

I searched and can't figure out what "R9 rating" means.

Anyone know?

they use to do "R0-R9" with R0 being something like a "too new to rate", R1 being excellent, R9 being the worse status, etc. It sounds like they gave you the equivilent of "charge off paid in full".

If it helped your score or didn't hurt it, and your ultimate goal was to show it paid instead of deleted, then you probably have what you want.

[Ahntara]

"...they use "R0-R9"...R1 being excellent..."

Actually it means 'current', as in paid no more than 29 days past it's due date.

"...R9 being the worse status..."

That's it.

R1 = current

R2 = 30 - 59 days past due

R3 = 60 - 89 days past due

R4 = 90 - 119 days past due

R5 = 120- 149 days past due

This is the point at which some type of action is taken. The order to repossess goes out, foreclosure proceedings begin or charge off (or transfer/sale to collection) takes place. That's why there is no R6.

R6, if it existed, would equate to 180 days. (Anyone recognize THAT time frame?) Before the industry was computerized, it used to take 60-90 days for the actions listed above to be completed or to appear on your CR. So wiggle room was built into the system, as well as the FCRA.

R7 = Used for Consumer Credit Counseling or other 'industry' code

R8 = Repo

R9 = Charge off or Collection