How do I read my Credit Report? Your Credit Report Explained!

Your credit report can be broken down into 6 sections which include the following:

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  1. Personal Information – your present and past addresses
  2. Inquiries – An inquiry is shown on your credit report every time you apply for a loan or open a bank account. The more inquiries, the worse your credit profile. Try to keep credit inquiries to four a year.
  3. Employment history – listed here you will find your last 3 employers
  4. Public records/collections – in this section your will find a list of collections, judgments, bankruptcies, proposals or lien on assets. Defaults even on small amounts from a telephone bill, gym membership, 407 ETR are harmful to your credit.
  5. Trade Lines – gives the whole record of your debt with each creditor you borrow from – creditor’s name, date(s) amount borrowed, credit limit, terms of payment, balance owed and credit rating.
  6. Credit Ratings – what they mean: R refers to a credit card (revolving credit) and I refers to a loan

R1 and I1 – up to date

R2 and I2 – 60 days late

R3 and I3 – 90 days late

R4 and I4 – 120 days late

R5 and I5 – 150 days late

R7 and I7 – credit counseling

R8 and I8 – repossession

R9 and I9 – bad debt – write off

**If you fall 30-150 days in arrears and pay your account up to date, your rating reverts to an R1 or I1. If it goes to R9 or I9, it will remain for 7 years from the date the debt is paid.

This information is courtsey of

Bad Credit is like a cold, it can be treated and before you know it your credit score will be better.  Think of “Your Durham Region Mortgage Doctor” as your “Good Credit “health care providers! Call us today feel better soon.  Contact us right now! Let us help fix your bad credit!


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