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THD/CBSD listed on my credit report - What does it imply?



If you find THD/CBSD listed on your credit report, then it is quite possible that you have taken a Home Depot Credit Card from Citibank, South Dakota. Thus, THD/CBSD stands for The Home Depot Credit Card/Citibank South Dakota. If you haven't applied for one of these cards, then the listing is incorrect on your credit report. In this case, you need to dispute the item with the credit bureaus. Use this sample letter to remove the listing from your credit report. If you want to know about what to do when THD/CBSD listed on your credit report, check out the topics below:


What if I've paid off THD credit card?

If you've paid off the card and it's still showing as unpaid on your credit report, then you need to dispute the account with the bank or credit bureau. In order to dispute the account with the bureau, you should use this sample letter to remove inaccurate information from your report.

What if I'm not sure that I owe the debt?

If you've earlier applied for a Home Depot Credit Card, and you're not sure whether you owe anything on it, you should ask Citibank to verify your debt.

Instead of contacting them over the phone, you should send a debt verification letter to the creditor. Once the debt is verified, you can negotiate with Citibank to settle the debt. Learn how to settle your debts yourself before you start negotiating with the bank.


If Citibank passes on your account to a collection agency (CA), it will be reflected on your credit report, and then you'll have to negotiate with the CA. If you don't feel comfortable negotiating on your own, you should contact a credit card debt settlement company who can work out a settlement on your behalf.



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Send message to rcarn
Sub: #1 THD/CBSD listed on my credit report - What does it imply?
Replied on 10-22-2006, 08:04 PM
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What does THD/CBSD mean on a credit report?



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Send message to PDLFREE
Sub: #2 THD/CBSD credit card
Replied on 10-22-2006, 08:23 PM
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THD/CBSD = The Home Depot/Citibank South Dakota. I am thinking it's The Home Depot Credit card made available by Citibank here is a phone number for thier customer service Call them
For Account Online Support call: 1-866-875-5488

Sub: #3 citibank THD CBSD credit card
Replied on 10-22-2006, 08:30 PM
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Citibank can be a tough #@$)%# to settle a debt with . . . lots of debt settlement companies won't even touch them. The key to remove THD/CBSD seems to be to wait until they send the account out to a 3rd party debt collector and make a deal before it gets sent back.

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Send message to grneyez622
Sub: #4 thanks for explaining THD/CBSD
Replied on 10-26-2006, 07:56 PM
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OMG! I feel so stupid. That didn't even cross my mind.. Thanks to everybody who helped me to understand THD/CBSD...

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Sub: #5 THD CBSD credit card led to this marking
Replied on 10-29-2006, 12:08 PM
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I have THD/CBSD on my credit report and don't know what this is? Like is there a name like everything else for people you have had account with?

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Send message to keystrokes
Sub: #6 thd cbsd
Replied on 10-30-2006, 01:55 PM
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You now know that the THD/CBSD account is related with Citibank. So, call the company and put your payment proposal. This helps improving your credit a little.

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Sub: #7 THD/CBSD on credit report
Replied on 12-09-2006, 01:38 PM
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THD/CBSD was on my credit report. What does it mean?

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Send message to brownsugar
Sub: #8 thd cbsd home depot credit card
Replied on 12-09-2006, 01:42 PM
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Apparently the THD/CBSD or THD CBSD stands for The Home Depot. Do you have an account with them?

Sub: #9 thd/cbsd citibank credit card
Replied on 12-09-2006, 01:43 PM
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Alot of times Citibank will ask you to work out a payment plan with them before sending your account to a collection agency. That way once you settle with them, they will attempt to open your account with them again. Try to remove THD/CBSD from your CR through negotiation.



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Send message to goudah2424
Sub: #10 THD/CBSD already answered
Replied on 02-28-2007, 10:16 AM
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If you all read through the posts it answers the question on THD/CBSD . . . . . I'm not trying to be rude or anything, but it looks like the question keeps getting asked, then answered, then asked, then answered, then asked, then asnswered . . . . .

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Send message to phacia2010
Sub: #11 thd/cbsd and 1099C consequences
Replied on 02-28-2007, 04:46 PM
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im dealing with citibank now for 2 accounts and they are a pain to negotiate for removing thd cbsd. When I called them,they still hadnt my sent my account to a CA so i was able to work with them but you have to agree to their terms. I had two accounts,one for 2000 the other for 4500. They immediately offered me a settlement but they werent willing to work with what i could offer each month, they wanted this paid off in 12 installments so it was like i either take it or leave it so i took it.(When i mean they i mean Citibank, the people are actually nice and helpful but they kept telling me these are citibank policies and they couldnt do much) Luckily i got a better paying job so its not killing me so much now.

FYI-even if you settle,they will send you a 1099-C so taxes will have to be paid on the forgiven debt, from what i read its 40% of the amount of the forgiven debt but i could be wrong.



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Send message to goudah2424
Sub: #12 thd/cbsd credit card
Replied on 02-28-2007, 05:23 PM
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Yeah, that's something a lot of people don't realize. When you settle debt for less the owed, you have to pay taxes on the forgiven amount. Because in a way it is income since you don't have to pay it back. I'm not sure of the percent that you have to pay on, I'd thought it was the whole amount that was forgiven, but I don't know where I got that from, so I very well could be wrong.

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Sub: #13 THD/CBSD credit card account closing Online Support call
Replied on 07-12-2007, 10:14 AM
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I found THD/CBSD on my credit as well. I called
For Home Depot Account Online Support call, and they were able to close my account: 1-866-875-5488

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Send message to cajunbulldog
Sub: #14 THD/CBSD south dakota
Replied on 07-12-2007, 11:21 AM
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THD CBSD: The Home Depot Citibank South Dakota

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Keeping an eye out for consumers.
http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809
http://www.ftc.gov/os/statutes/fcrajump.shtm
http://www.debtconsolidationcare.com.../about216.html
Use this letter to protect your rights under the FDCPA
myfairdebt.com & myfaircredit.com-Good source of case law in forums.

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Send message to rstimson
Sub: #15 THD/CBSD and tax implications on citibank settlement
Replied on 03-27-2008, 11:06 AM
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Quote:
FYI-even if you settle,they will send you a 1099-C so taxes will have to be paid on the forgiven debt, from what i read its 40% of the amount of the forgiven debt but i could be wrong.
We recommend you contact a tax professional to assist you with 1099-c’s sent by creditors. Nothing of the following should be construed as tax advice; however, based on past experience, creditors have sent a 1099-C if they have forgiven some or all of your debt in excess of $600.00. A competent tax professional can possibly qualify you as insolvent (broke) which can eliminate any tax liability related to the debt forgiveness. Please have your tax preparer check out the instructions for filing IRS form 982

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(Disclosures) Nothing in this post should be construed as legal or tax advice and is only my personal opinion. I work for a Debt Settlement company. The opinions I express may not be those of said company.

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Sub: #16 1099 C and THD/CBSD
Replied on 04-06-2008, 07:25 PM
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You pay taxes on a 1099 C at the rate of income.
You report it on line 21 of form 1040 so it can increase your AGI. it might be as much as a 25% tax rate unless you earn a hell of a lot more than most of us.

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