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

Glossary O

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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.


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.


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.


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.


Open Accounts

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


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.


Opt In

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


Opt Out

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


Orchard Bank

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


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.


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.


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.


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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