Toddy Nordling

If we only think about the price of the premium, it is not advisable to take out comprehensive insurance against another type of car insurance. In addition, the most complete products can offer numerous additional coverages: second medical opinion, compensation for hospitalization, natural phenomena, replacement vehicle, withdrawal of license, compensation for vehicle stoppage... The million dollar question is what should be covered by comprehensive car insurance, or better yet, what is covered by comprehensive insurance: a wide range of guarantees beyond the basic ones (civil liability, personal injury, legal defense, driver accidents). or travel assistance), taking responsibility for both the damages to third parties and their own. Damage due to extreme external factors (war, acts of terrorism or any armed conflict, nuclear disasters, pollution) is also excluded; claims arising from participation in shows, races or performance of certain tasks; and the damage caused to non-fixed elements and accessories of the vehicle or to the transported objects, which will not be covered by the insurance in 99.99% of cases. This includes the extension of civil liability, personal injury and service to third parties, travel assistance, mechanical guarantee, glass breakage, damage to the car due to collision with animals, theft and fire, as well as total loss for various causes.

Nor if the car is driven by a person without a driving license, if the use of the vehicle is illegitimate, if it is in poor condition or does not comply with the regulations, or if the driver has committed a crime of omission of the duty of assistance. And we don't even talk about whether an insurance fraud attempt has been discovered. In the comprehensive car insurance with excess, the insured must cover part of the expenses derived from an accident or a repair -in the amount established in the insurance policy-, while the other part is covered by the policy of the insurance product.

The part that covers the insured person is called a deductible. Beyond the exclusions of each particular coverage, the insurer will not be responsible for damages caused by the driver's or the occupants of the vehicle's willful misconduct, or if the insured drives drunk or drugged - in these cases the company would indemnify , where appropriate, to the injured party and would affect the driver. If you want more information, in this other post we explain the difference between third party insurance and all risk.

Thus, the insurance takes care of the damage that our vehicle may suffer in most cases. This makes comprehensive car insurance a more complete product. The policy covers all the expenses covered by the coverage. Obviously, the cost of the premiums is higher than that of car insurance with a franchise.

Although it seems obvious what comprehensive car insurance covers, it is not really so, as there are many exceptions. In general, it is a very complete insurance, although not all insurers offer the same guarantees in their all-risk policies. It is a type of car insurance that adds other types of coverage that protect the insured person to the guarantees that third-party insurance usually offers (civil liability, legal defense service, claim for damages, driver accidents or travel assistance). in case of almost any kind of eventuality.

In this guide, we explain what WFDS is, how it ended up on your credit report, how this mark affects you and how to remove a credit inquiry from your report.

WFDS stands for Wells Fargo Dealer Services, which is the bank’s auto financing division. The financial institution has nearly 11,000 auto dealerships within its network across the nation, which means if you are seeing this on your report, you likely received auto loan financial services from Wells Fargo, cosigned for one or recently applied for one.

When you apply for an auto loan through Wells Fargo, they run a credit check to determine your eligibility for the loan. This results in a hard inquiry that will temporarily impact your credit score (unlike soft inquiries, which don’t). If you missed a payment on a WFDS loan or the loan was charged off, this may also affect your credit score. Missed payments and delinquent accounts impact your credit score more than a hard inquiry, as payment history makes up 35% of your FICO® score.

WFDS might appear on your credit report for a few different reasons, including:

If you recently applied for an auto loan, the lender may have issued it through Wells Fargo, which is what is causing it to appear on your credit report. Even if you were denied the loan, the hard inquiry from the credit check would still appear on your report.

If you agreed to cosign on an auto loan with a family member, that may have been a Wells Fargo Dealer Services loan and would appear on your credit report as such. When you cosign on car loans, even if they’re for someone else, the account appears on both individuals’ credit reports.

If none of the above three situations apply to you, then you may have been a victim of identity theft. It’s also possible that this is a simple error on your credit report. In any case, you can correct the record to keep it from impacting your credit.

Contact the nationwide credit reporting agencies — Equifax, Experian and TransUnion — and place a fraud alert or security freeze on your credit report. You have the right to request that they block or remove any debts on your report that are fraudulent.

Although you have a few ways to remove WFDS from your credit report, your options are limited if the information is accurate. According to the Federal Trade Commission, credit agencies can report accurate negative information — bankruptcies can be reported for 10 years and most other negative information for 7 years.

If you believe the information is inaccurate, contact Wells Fargo Dealer Services directly. Ask for details to see what information they have that shows you are involved or have been involved with their auto loan services.

Contact information:

If Wells Fargo is unable to verify that the information on your report is accurate, submit a dispute letter to Wells Fargo and the credit bureaus that this information has been reported to. You can send this letter by mail using the form letters that each credit bureau provides for disputes.

Surprises can show up on your report, and you don’t want that surprise when you go to apply for a loan, a credit card or other lines of credit. Be proactive with credit monitoring so you can keep errors off your report. Getting a credit report is an important first step. You are entitled to one free credit report from each bureau each year, which you can access at AnnualCreditReport.com; check out a credit report example to see what it should look like.

Disclaimer: FICO is a registered trademark of Fair Issac Corporation in the United States and other countries.

Ana Gonzalez-Ribeiro, MBA, AFC® is an Accredited Financial Counselor® and a Bilingual Personal Finance Writer and Educator dedicated to helping populations that need financial literacy and counseling. Her informative articles have been published in various news outlets and websites including Huffington Post, Fidelity, Fox Business News, MSN and Yahoo Finance. She also founded the personal financial and motivational site www.AcetheJourney.com and translated into Spanish the book, Financial Advice for Blue Collar America by Kathryn B. Hauer, CFP. Ana teaches Spanish or English personal finance courses on behalf of the W!SE (Working In Support of Education) program has taught workshops for nonprofits in NYC.