There are standard codes set by the credit reporting industry, which the creditors use when they provide this information to the credit bureaus. The credit bureaus only report what is provided to them and do not determine the rating. Here is a breakdown of the ratings:
A new account which is “too new to rate” is rated 0.
An account that is paid on time and is the best rating is “pays as agreed” and rated 1.
An account 30 days late, which is considered 30 to 59 days past due, is rated 2.
An account 60 days late, which is 60 to 89 days past due, is rated 3.
An account 90 days late, which is 90 to 119 days past due, is rated 4
An account 120 days late, which is 120 to 149 days past due, is rated 5.
Regular payments agreed upon under a wage earner plan is rated 6.
Repossession is rated 8.
Bad Debt or a collection is rated 9.
The credit bureaus do not control or determine the credit ratings. They report information provided by the data contributors. The contributors follow the guidelines on the account ratings. You control how the account is rated based upon how you pay your bills.
This was extremely helpful!
@Anonymous wrote:thanks for the response...that answers my question
@FireMedic1 wrote:There are standard codes set by the credit reporting industry, which the creditors use when they provide this information to the credit bureaus. The credit bureaus only report what is provided to them and do not determine the rating. Here is a breakdown of the ratings:
A new account which is “too new to rate” is rated 0.
An account that is paid on time and is the best rating is “pays as agreed” and rated 1.
An account 30 days late, which is considered 30 to 59 days past due, is rated 2.
An account 60 days late, which is 60 to 89 days past due, is rated 3.
An account 90 days late, which is 90 to 119 days past due, is rated 4
An account 120 days late, which is 120 to 149 days past due, is rated 5.
Regular payments agreed upon under a wage earner plan is rated 6.
Repossession is rated 8.
Bad Debt or a collection is rated 9.
The credit bureaus do not control or determine the credit ratings. They report information provided by the data contributors. The contributors follow the guidelines on the account ratings. You control how the account is rated based upon how you pay your bills.
