Definitions for "obsolescence"
A loss in the utility of an asset due to the development of improved or superior equipment, but not due to physical deterioration.
The state of becoming obsolete.
Lessening of value from out-of- date features as a result of current changes in property design, construction or use; an element of depreciation. (See also external obsolescence and functional obsolescence.)
A term that is used to explain how long negative information should stay in credit file before it is not relevant to the credit granting decision.
Obsolescence refers to how long negative information should stay in a credit file before itâ€(tm)s not relevant to the credit granting decision. The FCRA has determined it to be 7 years except in the case of bankruptcy, where itâ€(tm)s 10 years.
The term used to describe how long negative information should stay in a credit file before it is no longer considered relevant to the credit granting decision. The FCRA has determined the obsolescence period to be 10 years in the case of bankruptcy and 7 years in all other instances.
A condition in which, because of new inventions and improvements, a capital asset can no longer be used to pro-duce goods or services with a competitive advantage.
Obsolescence is a state of being which occurs when a person, object, or service is no longer wanted, even though it may still be in good working order.
"The process of becoming out of date, which is a factor in the limited useful life of tangible assets."