The information that a credit reporting agency expected to be known as a TRADELINE. In a credit report, which is traditionally a TRADELINE to all creditors that reports account information to the agencies. As mentioned earlier, not all institutions report credit to credit bureaus, but most do. The major credit bureaus offer reports that include payment history of a consumer in 30 days. This is due to the fact that most of the billing cycles of consumers follow a pattern similar payment.
Most lenders have a set of ownership rules and guidelines governing the minimum values that provide information to consumers as delinquent in their payments. If you would like to know more then you should visit Richard Blumenthal. It has been my experience that some lenders have gone so far, not as the report of the crime until the consumer’s account reaches 60 days overdue. Other lenders are much stricter in their guidelines and report crime in 30 days past due. Traditionally, a credit report will provide a detailed summary of all crime has had with its creditors. This is measured by the number of times it has fallen more than 30, 60, 90 and 120 days past due. Many of these credit reports using a classification system that assigns a specific status code of each period of 30 days in arrears. In the consumer credit sector, the method is often referred to as the simple method.
For example, an R-1 represents a consumer’s account number that is current or an account that was paid correctly and is in good position, an R-2 rating indicates that payments were paid 30 days or more after the date expiration, but less than 60 days after the original due date, an R-3 rating represents the bill was paid more than 60 days after the original due date, but is less than 90 days past due, an R-4 shows the valuation that the consumer has fallen 90 or more days past due, but is less than 120 days past due, an R-5 rating indicates that the consumer has fallen from 120 or more days after its original due date, an R-7 rating shows that the creditor was forced to take possession of collateral in the account and an R-8 means that the account number referred to the collections in an attempt to recover payment. The rating of R-9 is traditionally used to show that a debt or debts have been discharged through bankruptcy, have been arrested or foreclosure or are currently in collections.