If you need to archive a contact type, start by going to your contact's Details tab.
At the bottom of the contact type section, click the link that says "Archive this contact type".
The contact's data for that type will be archived and you will no longer see that information on their profile. You will, however still be able to pull that data out into the report builder.
Note: The contact type section will still be present in the "Details" tab, but the information will be hidden. You cannot remove this section from the Details tab.
Re-activating an Archived Contact Type
If you archived a type by mistake or would like to re-active an archived type, click the (re-activate) link in the archived type's section. This will add the type back to your contact and bring back any data that was previously filled out.