There are three types of accounts that can appear on a credit report:
– Revolving: Card or line of credit;
– Installment: Personal loan (through a dealer, for example);
– Open: Account with a telephone service provider.
These accounts are associated with several pieces of information that allow you to better understand the applicant’s behavior. This includes the account limit, monthly payment requirement, remaining balance, etc.
The type of accounts allows you to identify your applicant’s financial obligations.
What Is the Impact of a Credit Check?
What to Do When the Information Received is Masked by “X”?
What Does Unavailable SIN Mean?
What Do the Ratings on the Payment History Mean?
What Do the Jobs Posted on the Credit Report Mean?
How Do I Track my Application?
How to Interpret the Credit Score Result?
Why Does my Report Show Discrepancies Between the Entered and Received Information?
Why Is There No Information on the Credit Report That I Received?