How to Remove WFDS From Your Credit Report

What is WFDS?

WFDS is a credit report code that stands for Wells Fargo Dealer Services, a division of Wells Fargo Bank, N.A. This financial institution provides indirect auto financing solutions, including loans for new and used vehicles, as well as auto loan refinancing options.

Why is WFDS on my Credit Report?

Understanding why Wells Fargo Dealer Services (WFDS) appears on your credit report is important so that you can make informed decisions about your credit. The presence of WFDS can be linked to various financial activities related to auto financing. Here’s a closer look at the common reasons:

1. Auto Loan Application

Wells Fargo Dealer Services might show up on your credit report if you’ve applied for an auto loan. This could be for purchasing a vehicle from a dealership that partners with Wells Fargo, or for auto loan refinancing. A hard inquiry is standard during this process.

2. Cosigning on a Loan

If you cosigned an auto loan, and it was through WFDS, this will appear on your credit report. Cosigning means sharing responsibility for the loan, and hence, the loan’s details are reflected in your credit history.

3. Identity Theft or Reporting Errors

An unexpected appearance of WFDS on your credit report could indicate a reporting error or identity theft. It’s essential to address this promptly by contacting Wells Fargo and the credit bureaus to place a fraud alert or security freeze on your report.

The Impact of Hard Inquiries on Your Credit

What is a hard inquiry?

A hard inquiry occurs any time you apply for new credit, and the lender or creditor runs a credit check to assess your creditworthiness. These inquiries can be for various types of credit, such as mortgages, car loans, credit cards, insurance policies, and even certain job applications.

While hard inquiries typically only drop your credit score by a few points, having too many of them, especially in a short period of time, can accumulate and negatively impact your credit score.

What is a soft inquiry?

A soft inquiry, on the other hand, generally occurs when a company checks your credit history as part of a background check or prequalification process. Soft inquiries might also be pulled by an existing creditor who’s monitoring your current credit situation. Unlike hard inquiries, soft inquiries do not have an impact on your credit scores.

How long do hard inquiries stay on your credit report?

Regardless of whether you’re approved for credit, the hard inquiry will 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 bureaus: Equifax, Experian, and TransUnion.

Handling Unauthorized Inquiries

If you don’t recognize the WFDS inquiry on your credit report, or you’re certain you didn’t initiate it, contact Wells Fargo and inquire about the reason for the inquiry. The creditor’s name should be listed under the “Inquiries” section on your credit report.

Wells Fargo Dealer Services Contact Information

Address:

Wells Fargo Auto
P.O. Box 168048
Irving, TX 75016-8048

Phone number: (800) 289-8004

Can WFDS be removed from my credit report?

If the WFDS inquiry on your credit report is unauthorized or erroneous, you have rights under the Fair Credit Reporting Act (FCRA) to dispute the information. The FCRA ensures the accuracy, fairness, and privacy of information in the files of credit reporting agencies.

You can directly contact the credit bureaus to dispute the inquiry yourself, or consider seeking assistance from a reputable credit repair company, such as Credit Saint, which specializes in handling credit disputes.

Besides removing unauthorized inquiries, credit repair companies can also dispute and potentially eliminate other negative items on your credit report. These items may include:

• late payments
• collections
• charge offs
• foreclosures
• repossessions
• bankruptcies

Take Action to Repair Your Credit

If you’re seeking expert credit repair services to enhance your credit profile, look no further than Credit Saint. With a solid reputation for assisting clients facing similar challenges, they have the experience and expertise to guide you through the process.

To discover the benefits they can offer, visit their website and complete the online form to receive more information on how they can help you achieve your credit goals.