What is wf/fmg on my credit report?

WF/FMG (Wells Fargo Furniture Marketing Group) is likely on your credit report for an unpaid debt with Wells Fargo. If Wells Fargo is claiming you owe them money, the first thing to do is to verify the debt.

It can be painful to see your score drop. But as long as you really did apply for credit from Wells Fargo, you have nothing to worry about. However, if you’ve never submitted a Wells Fargo application, identity theft or a reporting error could be to blame.

In this guide, we’ll explain what WF Crd Svc. is. We'll also explain how hard credit inquiries work and what you can do to get a fraudulent inquiry off your report.

You might not be familiar with WF Crd Svc, but there’s a good chance you’ll recognize the company behind the credit report code. Wells Fargo is one of the nation’s leading banks. Along with offering checking, savings and investment accounts, it provides several loans and credit cards.

You can use Wells Fargo’s cards for several purposes, such as:

Wells Fargo Card Services could be on your report as a hard inquiry for a couple of reasons. You may have applied for one of Wells Fargo’s cards or consented to be an authorized user on a family member’s account.

Hard inquiries differ from soft inquiries in a few ways. A soft credit pull can occur when:

Soft credit checks don’t affect your score, regardless of how many are present. And the agencies don’t always add them to your report.

When you apply for a mortgage, loan or credit card, you’ll have to consent to a hard inquiry. This type of credit check gives companies and banks access to your complete credit reports. This information helps them decide whether they should lend you money.

If you’ve applied for a Wells Fargo card, the bank may have obtained any one of your credit reports. This could affect one, two or all three of your scores.

One hard inquiry should only drop your score by a couple of points and can stay on your report for a maximum of two years. After a year, however, the entry should have virtually no impact on your score. That being said, if you have numerous hard inquiries at once, it can suggest that you aren’t the most reliable borrower. This could hinder your future approval odds.

As such, several inquiries can do more severe damage to your score.

While a hard inquiry isn’t likely to lower your score much, you should never ignore an inquiry you don’t recognize. So, if you’ve never applied for a Wells Fargo card or loan, here are two strategies to help you get the hard inquiry deleted from your report.

If you did apply for a Wells Fargo credit card, there’s not much you can do to get a hard inquiry removed. As a matter of fact, your best bet is to wait for it to naturally fall off your report. However, getting an inaccurate entry deleted from your report is easy, due to the Fair Credit Reporting Act.

First, you should reach out to Wells Fargo’s customer service team to get more information regarding the credit application. Then you should dispute the fraudulent entry with the credit bureaus who are displaying the entry on your reports.

You can easily dispute an entry online, or you can call or mail a letter to the bureaus if you prefer. Mailing a letter is usually preferable as it gives you an automatic paper trail of all communication. Make sure you keep copies of letters you send and only send by recorded delivery.

The bureaus will then launch an investigation into the inquiry. If they find that it’s fraudulent, they’ll drop the entry from your report promptly.

Mailing:

Wells Fargo 420 Montgomery Street San Francisco, CA 94104

The best way to catch new entries on your credit report is to use a credit monitoring service. This way, if someone lifts your Social Security number and uses it to apply for a credit card, you’ll be the first to know.

You can easily monitor your credit with Credit Karma, a free service that keeps you in the loop when it comes to your credit report. In addition, you’ll get regularly updated scores, a breakdown of your credit profile and card and loan offers with high approval odds. More importantly, you’ll get resources to help you if you’re confronted with a fraudulent credit entry.

Facing the possibility of identity theft can be daunting. However, if your report features inaccurate entries, you may want to look into a credit repair service. Credit repair companies can get to the bottom of hard inquiries. Whether you’ve been the victim of identity fraud or a reporting error, they’ll ensure that inaccurate entries disappear from your report swiftly.

They also deal with more troubling credit problems, such as:

Wherever you stand with your credit, these companies can help take your score to the next level.

If you applied for a credit card from Wells Fargo and you’re stressing over the impact, there’s good news. Whether the company approved your application or not, a credit card application isn’t likely to keep future lenders from approving you for credit or loans. Hard inquiries do minimal damage, so little that they won’t have an effect on your score in a few months. And if you didn’t apply for a Wells Fargo card or agree to be an authorized user, there are plenty of resources to help you get it off your credit report.

Update: This article has been updated to include Wells Fargo’s contact information.

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.

Your credit report provides a detailed summary of your reported credit history. It includes your personal information and lists details on your past and current credit accounts. It also documents each time a lender requests your credit report, as well as instances where your accounts have been passed on to a collection agency. Financial issues that are part of the public record, such as bankruptcies and foreclosures, are included, too.

You can request a free copy of your credit report from each of three major credit reporting agencies – Equifax®, Experian®, and TransUnion® – once each year at AnnualCreditReport.com or call toll-free 1-877-322-8228. You’re also entitled to see your credit report within 60 days of being denied credit, or if you are on welfare, unemployed, or your report is inaccurate.

It’s a good idea to request a credit report from each of the three credit reporting agencies and to review them carefully, as each one may contain inconsistent information or inaccuracies. If you spot an error on one of your consumer reports, you should submit a dispute to the agency.

Your credit score is a numerical representation of your credit report that represents your creditworthiness. Scores can also be referred to as credit ratings, and sometimes as a FICO® Score, created by Fair Isaac Corporation, and typically range from 300 to 850.

FICO® Scores are comprised of five components that have associated weights:

Lenders use your credit score to help evaluate your credit risk – generally, the higher your credit score, the lower your risk may be to the lender. To learn more, view How your credit score is calculated.

Did you know? Wells Fargo offers eligible customers free access to their FICO® Score ― plus tools, tips, and much more. Learn how to access your FICO Score.

Above all, it’s important to use credit responsibly. A good credit history and credit score may be the difference between being able to purchase a home, buy a car, or pay for college. Proactively managing your credit report is a great way to stay in control of your finances, and ultimately achieve your goals.

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