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.