If your credit report contains the notation CBSD it is a common abbreviation for Citibank South Dakota (CBSD). This account may be a store card or an account in the name of Citibank.
Regardless, if you want to get to the bottom of the CBSD account on your credit report, I would suggest that you contact the CBSD creditor at the number on the credit report and inquire about the account you don’t recognize.
The Citibank customer service department may clear up the confusion on this strange account quickly or confirm you might be the victim of identity theft.
Here’s the bottom line if you find a CBSD creditor listed on your credit report, don’t panic. With a little investigation and some phone calls the mystery will be solved and I’m confident it will work out just fine.
If the account is not yours, just get a consolidated credit report to see which credit bureaus are reporting this CBSD account and follow the instructions to dispute the debt with the credit bureaus.
Get a Copy of Your Consolidated Credit Report
Get a copy of your consolidated credit report. It is the type of report that includes all the major three credit reports in one report. I only use a consolidated credit report to check my credit and the link will take you to the credit report I use.
Your credit report is like a report card of sorts. You need to look it over and make sure that all the accounts listed on your credit report are yours. If they were not, you need to write to the credit bureaus that are reporting them and tell them they are not your and ask to have them removed. It’s like you looked at your school report card and it listed classes you did not take. They should not be there.
If the rest of the accounts belonged to you but you had a bad track record with them, that information stays on the report just as if you got a D in a class you took. Just because you got a bad grade does not mean the class is removed from a report card.
After seven years the bad credit items will no longer be reported on your credit report. When you look at your consolidated credit report if any of them list negative information longer than the seven year period, then when you write to the credit bureaus to point out any incorrect information, you can tell them about the old items.
Generally the credit bureaus are good about automatically removing the old items.
While you are at it, look for any delinquent accounts that may be younger than seven years old. If you have any, pay them off. The contact information for the creditor will be on your credit report.
I also recommend you get a free account on Credit Karma so you can use the free credit simulator to see how changes to your balances or accounts will improve your credit score. This way you can plan what actions to take first to get the maximum improvement.
Credit Karma will also provide free daily credit report monitoring and free credit scores but only for one credit bureau. Still, it’s a free service that can be very beneficial.