There is a criteria on the customer saved search called On Credit Hold, which a boolean value. What does this field represent? It's not the same as Credit Hold found under the financial section.

If you have a field actually called "Credit Hold", either a native field has been renamed or it's a custom field. On Credit Hold returns whether or not the customer is on a credit hold either by exceeding their credit limit, or by changing the Hold Field to On/Off.

Custom fields are indicated as (custom) and the 'On Credit Hold' isn't so I assume it's a native field.