Do you have a question about consumer credit? You may find an immediate answer by using the search engine. If you can't find what you're looking for, please fill out the form, being as specific as possible.
Please note: The Ask Experian team cannot respond to each question individually. However, if your question is of interest to a wide audience of consumers, the Experian team will include it in a future column.
Our policies
The information contained in this column if for educational purposes only and is not legal advice.
You should consult your own attorney or seek specific advice from a legal professional regarding
your particular situation.
Please understand that Experian policies change over time. Column responses reflect Experian policy at the time of writing. While maintained for your information, archived responses may not reflect current Experian policy.
Credit Advice
Topics addressed on January 21, 2009:
Defining “revolving trade” and other credit report terms
Dear Experian,
What is an open, revolving trade?
- JUS
Dear JUS,
The term “open, revolving trade” is simply industry terminology for an open credit card account.
You can carry the account balance on a credit card from one month to the next, or “revolve” the balance. “Trade” is simply another word used for “account.”
There are several types of trades that can be included in a credit report in addition to revolving accounts.
Installment accounts are debts that require a set payment on a specific date each month. Car loans are common example.
Charge accounts are similar to revolving accounts, but you cannot revolve the balance. You must pay in full for everything you charged that month.
Collection accounts are accounts for debts you did not pay. For obvious reasons, you don’t want to see these on your credit report.
You will see these listed on your personal credit report under the heading “Type.”
Thanks for asking.
- The "Ask Experian" team