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kim09
Joined: 10 Oct 2009
kim09's page
Posts: 24
6 Magic Points
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Subject: Information on an Account in R9 Status
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Sun Oct 18, 2009 7:11 am
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| I had a credit card debt sent to collections which I recently paid off. I now have an R9 rating. How do I get rid of it? |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3735
10 Magic Points
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Sun Oct 18, 2009 7:07 pm
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| what is a R9 rating? |
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SIA
Joined: 18 Oct 2009
SIA's page
Posts: 59
1278 Magic Points
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Wed Oct 21, 2009 4:59 pm
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R-9 is revolving credit account indication status indicated by credit agencies. This account is charge off by creditor.
"Charge off" is an accounting term used by creditors. The meaning of charge off is transfering of account to bad debt from account receivable. Such charged off account appears as negative on the consumer’s credit reports.
You should keep in mind that you cannot go away from this item on your credit report, as it will be reported for about 7 years or more even after the fact that you paid it off. |
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SIA
Joined: 18 Oct 2009
SIA's page
Posts: 59
1278 Magic Points
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Wed Oct 21, 2009 5:00 pm
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| Resolving the charged off account appearing on your credit report should have a positive impact on your credit rating. The past delinquency will not be removed from your credit report, but it should reflect a $0 balance on this debt. While the past delinquency and charge off will continue to negatively impact your credit rating, the impact should be much less if you resolve the outstanding balance. Resolving this account should remove an outstanding balance from your credit profile, and it will reduce your "debt to available credit ratio," which should also have a positive impact on your credit rating. |
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SIA
Joined: 18 Oct 2009
SIA's page
Posts: 59
1278 Magic Points
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Wed Oct 21, 2009 5:51 pm
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HI Goodnatured,
An "R9" status (frequently called a charge-off) is a credit report status that represents a trade-line that is severely delinquent (more than 6 months behind) and is a 'ding' on your credit report. If it is inaccurate and you pay the account off, the trade-line will simply say closed or paid in full, but the history of delinquency will remain.
If the account is indeed inaccurate, you should contest the accuracy of the report directly with the three primary credit bureaus and petition to have it removed |
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