A mortgage agent reviews a borrower's credit report and notices a 'R9' rating on a previous revolving credit account. What does this rating typically indicate?

Question: A mortgage agent reviews a borrower's credit report and notices a 'R9' rating on a previous revolving credit account. What does this rating typically indicate?

Answer options:

• The account was paid as agreed, or paid within 30 days of the due date. ✅ The account was 90 days past due, or is a collection account.
• The account was 30-59 days past due.
• The account was 60-89 days past due.

Correct answer: The account was 90 days past due, or is a collection account.

Explanation: In Canada, credit bureau reporting uses a standard alpha-numeric system. An 'R9' rating signifies that the account was 90 days or more past due, or was sent to collections, indicating a serious delinquency.