What Is A Credit Account?

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What is a credit account?

What Is A Credit Account?

After opening a new credit card or loan with a financial institution, you will have what is known as a credit account. The information about this credit account is then regularly reported and included on your credit history. The data shared includes:

1. payment history (late or on time);

2. total amount borrowed;

3. current amount owed;

4. monthly payment; and,

5. number of required payments.

   

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