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Comprehending the Codes in your Credit File

Comprehending the Codes in your Credit File

Each account on your report will display a letter and a number. You are told by the letter the type of account:

  • Installment Accounts (I) – You make regular, fixed payments before the loan is paid in full. Examples: car and truck loans and student education loans.
  • Open Status Accounts (O) – Balances are paid at the conclusion of each cycle that is billing. Payments can be different each month, centered on contract and usage.

Examples: charge card where in actuality the balance needs to be paid in full each month and cellular phone bills.