What is an R7 credit rating in Canada

An R7 rating means that you have done a consumer proposal, a credit counselling program or you are making payments through an agreed arrangement to pay off your debt. An R8 is given when repossession has taken place, such as a car repossessed and sold, to pay off the loan.

What number is an R7 credit rating?

R5

How does R7 affect credit score?

An R1 rating means you make payments on time, whereas an R9 means you have declared bankruptcy. If you have filed a consumer proposal, you will have an R7 rating—a very low credit score that will remain unchanged until your proposal ends.

Is it true that after 7 years your credit is clear?

Highlights: Most negative information generally stays on credit reports for 7 years. Bankruptcy stays on your Equifax credit report for 7 to 10 years, depending on the bankruptcy type. Closed accounts paid as agreed stay on your Equifax credit report for up to 10 years.

What is an R9 credit rating in Canada?

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