Account Ownership, Type, and Status

The CREDIT_LIABILITY array (a subproperty of CREDIT_RESPONSE) contains a set of objects that represent the loans, obligations, and other financial liabilities that appear on a customer's credit report. Within each object, you'll find a set of properties that provide basic information about the liability:

  • @_AccountOwnershipType describes the borrower's relationship to the liability: solely responsible, jointly responsible, and so on. The @_AccountOwnershipType property also appears in the objects in the CREDIT_PUBLIC_RECORD array.

  • @_AccountType describes the general nature of the liability -- credit line, installment, mortgage, open, revolving).

  • @_AccountStatusType declares the liability's status as of @_AccountStatusDate.

As an example, here we see that the borrower is the sole owner of a revolving account that was open as of September 1, 2021:

    "@CreditLiabilityID": "TRADE001",
    "@BorrowerID": "Borrower01",
    "@_AccountOwnershipType": "Individual",
    "@_AccountType": "Revolving",
    "@_AccountStatusType": "Open",
    "@_AccountStatusDate": "2021-09-01",

The values that the @_AccountOwnershipType, @_AccountType, and @_AccountStatusType properties take are described in the following sections. The descriptions are verbatim from the MISMO 2.4 specification.

Account Ownership Type

AuthorizedUserThis individual is an authorized user of this account; another individual has contractual responsibility.
Comakerno description
IndividualThis individual has contractual responsibility for the account and is primarily responsible for its payment.
JointContractualLiabilityno description
JointParticipatingno description
MakerThis individual is responsible for the account, which may be guaranteed by a co-maker.
OnBehalfOfThis individual has signed an application for the purpose of securing credit for another individual, other than spouse.
TerminatedNo longer associated with account.
UndesignatedAccount ownership type has not been designated.
DeceasedThe individual associated with the account has been reported as deceased or death benefit claims have been reported as filed under the individual's name.

Account Type

CreditLineAn account where the borrower can make loan withdrawals by check or other method up to a preset limit. Minimum monthly repayment amounts are normally a percentage of the total unpaid balance similar to a Revolving account.
InstallmentDebt to be paid at regular times over a specified period. An auto loan is typically an Installment loan.
MortgageA real estate debt where repayment is normally a fixed number of payments of a fixed amount similar to Installment loans.
OpenAn account where the borrower can charge debt as needed. The full balance is normally repaid on a monthly basis. American Express cards and gasoline credit cards are examples of Open accounts.
RevolvingDebt owed on an account that the borrower can repeatedly use and pay back without having to reapply every time credit is used. Credit cards are the most common type of Revolving account.
UnknownThe account type is not available.

Account Status Type

ClosedAccount is closed and credit is no longer available for use
FrozenLegal proceedings have been initated to sell property to settle an unpaid balance.
OpenAccount is open
PaidAccount is closed and fully paid.
RefinancedAccount closed and debt is being paid under another account.
TransferredAccount is closed and has been transferred to another account or creditor.