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Both uses are correct, but have different meanings.

Types of reports signify more than one type of report, and there are several reports in each type. For example:

  • The annual report for 2006/7 is based on two types of reports: quarterly reports from all business units and audited reports from the last three years.

In this example, there are two different types of multiple reports.

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Type of reports signify one type of different reports. For example:

  • Only one type of reports is accepted at the discovery phase.

This example references several reports, all of the same type.

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Q: Which one of these usages is grammatically correct - types of reports or type of reports?
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