Legal definition of Installment account
Credit Repair Legal Terminology

Installment account

Car loans, student loans, and home loans are examples of installment accounts.
With installment account you must make monthly payments of set amount by certain date. The amount remain unchanged from month to month until the loan is paid in full. All three credit agencies—Experian, Trans Union, and Equifax—will report information related to installment accounts in the credit account history section of your credit report.
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John T KalmbachAttorney at LawPRACTICE AREA: Professional Malpractice, Health Care Law, Environmental Law, Litigation, Military Law & Military Benefits
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