What is WF/PCM?
WF/PCM is a credit report code that stands for Wells Fargo/Personal Credit Management. This notation may appear on your credit report as a hard inquiry, typically when you apply for a debt consolidation loan through Wells Fargo. As with any hard inquiry, it’s important to understand the impact of WF/PCM on your credit score and how long it stays on your report.
How Hard Inquiries Affect Your Credit Score
Hard inquiries on your credit report will generally only drop your credit score by a few points. However, if you have too many hard inquiries, particularly in a short period of time, they can start to accumulate and negatively impact your credit score. Lenders may view multiple hard inquiries as a sign of financial instability, making it more difficult for you to secure loans or credit in the future.
How long do hard inquiries stay on your credit report?
Hard inquiries can remain on your credit report for up to two years. Each time you make an inquiry, it is recorded by one or all of the three major credit reporting agencies: Equifax, Experian, and TransUnion. However, it’s worth noting that the impact of hard inquiries on your credit score decreases over time, with the most significant effect occurring within the first six months.
Can WF/PCM be removed from my credit report?
If you believe that the WF/PCM inquiry on your credit report is inaccurate or unauthorized, you may be able to have it removed. Lexington Law specializes in removing inquiries and other negative marks on your credit report. With more than 18 years of experience, they achieved over 6 million removals for their clients in 2021 alone.
Other Items Lexington Law Can Help Dispute
In addition to hard inquiries, Lexington Law can also help you dispute and possibly remove the following items from your credit report:
- late payments
- collections
- charge offs
- foreclosures
- repossessions
- bankruptcies
Take Control of Your Credit Today
If you’re struggling with a damaged credit score due to hard inquiries, late payments, or other negative items, consider a free credit consultation with Lexington Law. They have a track record of helping people in similar situations and may be able to assist you in improving your credit.
Visit their website and fill out the form to see what they can do for you, and take the first step towards a healthier financial future.
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