Continuing on the Star Wars theme, R2D2 was a proud little protocol droid who did his work and stayed out of trouble. Actually, he continually disobeyed orders and had a quick temper. But he passed along a few very important messages that got the Rebellion back on their feet.
R7, a close relative of R2D2 (you see how I’m stretching), is a rating given to debtors who voluntarily choose to engage in a debt consolidation plan. In Canada there are nine rating marks with R1 being the perfect credit and R9 being bankruptcy. What R7 means to a future creditor is that the individual had problems with repayment, but sought help to pay off their debt. It means the debtor is dedicated to the credit repayment process.
The R7 rating is considerably removed from the R1 rating, but it shows that the individual chose to avoid bankruptcy. This is always a positive sign.
Three years after completing your debt consolidation plan, your credit rating will move back towards the R1 rating and closer to R2D2 status.
For more information on credit ratings, talk to a debt counselor by calling this number: 1-877-220-3328.