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) вЂ“ 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) вЂ“ 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.