These codes have two parts:
1) A letter shows the type of credit you're using.
2) A number shows when you make payments.

You may see different codes on your credit report depending on how you make your payments for each account.

Table 1: What letters mean in a rating on a credit report
Letter (Bolded), Meaning (italicized), : Example (after colon)

I) Installment credit
You borrow money for a specific period of time. You make regular payments in fixed amounts until you pay off the loan. : Car loan
O) Open status credit
You may borrow money when you need to, up to a certain limit. : Mobile phone account
R) Revolving or recurring credit
You may borrow money up to your credit limit on an ongoing basis. You make regular payments in varying amounts depending on the balance of your account. : Credit card
M) Mortgage loan
Mortgage information may be included on your credit report. : Mortgage

Table 2: What numbers mean in a rating on a credit report
Number (bolded) - Meaning

0) a) Too new to rate
b) Approved, but not yet used
1) a) Paid within 30 days of billing
b) Pays as agreed
2) Late payment: 31 to 59 days late
3) Late payment: 60 to 89 days late
4) Late payment: 90 to 119 days late
5) Late payment: more than 120 days late, but not yet rated “9”
6) This code isn’t used
7) a) Making regular payments using one of the following debt management options:
i) a consolidation order
ii) orderly payment of debts
iii) consumer proposal
iv) debt management program with a credit counselling agency
8) Repossession
9) a) Written off as a “bad debt”
b) Sent to collection agency
c) Bankruptcy

For example:
1) If you have a credit card account that you paid on time, it’ll be reported as “R1”.
2) If you have a line of credit, and you missed a payment by 45 days, it’ll be reported as “O2”.
3) If you have credit card debt and you’re being contacted by a collection agency for payment, it’ll be reported as “R9”

The best rating is 1. Any number higher than 1 will likely hurt your credit score.

*This is a replica of the website below to show what the score means on a credit report*.

This is a reference tool to show you what to look for on your credit report, what the letters mean on on a credit report, and what the numbers mean on the report.  This can be compared to an Equifax report.  I chose this website because its from the Government of Canada and the information is accurate.