Each account in your report shall 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: car and truck loans and student loans.
- Open Status Accounts (O) ??“ Balances are paid at the conclusion of each billing cycle. Payments could be different each based on contract and usage month.
Examples: credit card where in actuality the balance should be paid in full each month and mobile phone bills.
- Revolving Accounts (R) ??“ You can borrow money, as required, as much as a collection limit. Payments vary, dependent on your balance. You may possibly pay a minimum payment and carry a balance. Examples: bank cards , credit lines .
- Mortgage Accounts (M) ??“ Home mortgages and home equity credit lines may or is almost certainly not reported.
Each account can be assigned a number between 0 and 9, rating how good you may be managing payments on that account. (weiterlesen …)