Glossary-o 2017-10-17T17:02:43+00:00

Glossary O

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Obsolescence

What is Obsolescence?
Obsolescence is the circumstance when a good or service is no longer wanted or desired. This happens when a new product or service becomes available to take the place of the old.

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One Family Loan Limit

What is One Family Loan Limit?
The One Family Loan Limit or Single-Family property loan limit is the limit established for conforming loans in regards to single-unit properties.

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Onpoint Community Credit Union on credit report

What does Onpoint Community Credit Union on a credit report mean?
When Onpoint Community Credit Union shows up on a credit report, it means the individual owes a debt or holds an account with Onpoint Community Credit Union.

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Open 30-Day Account

What does Open 30-Day Account mean?
An Open 30-Day Account describes an agreement between a creditor and a debtor in which the debtor agrees to pay the balance owed on a monthly basis.

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Open Accounts

What are Open Accounts?
Open Accounts represent credit accounts extended by a business to a consumer.

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Open-End Lease

What is an Open-End Lease?
An Open-End Lease is a lease that may involve a balloon payment, which is based on the property value when it’s returned.

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Opt In

What does Opt In mean?
Opt In means to choose to join or permit something, usually refers to joining a mailing list.

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Opt Out

What does Opt Out mean?
Opt Out means to choose to be removed from something, usually referring to a mailing list.

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Orchard Bank

What is Orchard Bank?
Orchard Bank is a company providing unique credit card services to consumers.

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Original Amount

What is the Original Amount?
The Original Amount stands for the amount originally owed to a creditor, usually found on a credit report.

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Original Date of Delinquency (ODD)

What is the Original Date of Delinquency or ODD?
The Original Date of Delinquency or ODD is the first date of delinquency on a loan or other type of tradeline on a credit report. This is the date used to determine how long the tradeline will stay on your credit report.

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Overdraft Checking Account

What is an Overdraft Checking Account?
An Overdraft Checking Account is a checking account with a line of credit attached to protect the account holder from over drafting the account. This protects the account holder if they write a check larger than the current balance of the account.

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Over Limit Fee

What is an Over Limit Fee?
An Over Limit Fee is a fee charged when a borrower expands their balance past the allowable credit limit issued.

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