Each account in your report shall display a letter and a number. The letter informs you the variety of account:
- Installment Accounts (I) вЂ“ You make regular, fixed payments through to the loan is paid in full. Examples: car and truck loans and figuratively speaking.
- Open Status Accounts (O) вЂ“ Balances are paid at the conclusion of each billing cycle. Payments might be different each based on contract and usage month.
Examples: credit card where in fact the balance should be paid in full each month and cellular phone bills.
- Revolving Accounts (R) вЂ“ You can borrow cash, as required, up to a set limit. Payments vary, dependent on your balance. You could pay a minimum payment and carry a balance. Examples: Credit cards , personal lines of credit .
- Mortgage Accounts (M) вЂ“ Home mortgages and home equity credit lines might or is almost certainly not reported.
Each account can also be assigned a number between 0 and 9, rating how well you might be managing payments on that account.