Comprehending the Codes on Your Credit Report

Comprehending the Codes on Your Credit Report

Each account on your own report will display a letter and a number. The letter informs you the variety of account:

  • Installment Accounts (I) – You make regular, fixed payments through to the loan is paid in full. Examples: auto loans and student loans.
  • Open Status Accounts (O) – Balances are paid at the end of each cycle that is billing. Payments might be different each based on contract and usage month.

Examples: bank card where in fact the balance should be paid in full each month and cell phone bills. […]