Vector Files
Vector files allow you to change colors or move objects. You also can size the image from as small as a business card to as large as a poster with no image quality loss. In order to edit a vector EPS file you need to have editing software like Adobe Illustrator, CorelDraw or other vector editing programs.

JPEG files
JPEG files are the most common photo format. To edit JPEG files you will need to have photo editing software like Adobe Photoshop. This type of image cannot be sized larger than the original file size or it will lose image quality and become blurry or rasterized.

PSD files
PSD files are layered Photoshop files. Each layer can be modified or edited to your liking. To edit this file type you will need to have photo editing software such as Adobe Photoshop.