Lots of factors can impact your credit score, including applying for new credit.
If you’re wondering about an entry from WF Crd Svc, it’s likely on your report because you applied for a Wells Fargo credit card.
It can be painful to see your score drop. But as long as you applied for credit from Wells Fargo, then 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.
Read on to learn more about WF Crd Svc. We’ll also explain how hard credit inquiries work and what you can do to get a fraudulent inquiry off your report.
WF Crd Svc On My Credit 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 investing accounts, it provides several loans and credit cards.
Wells Fargo’s cards are designed to meet several goals, such as:
- Credit building
- Balance transfers
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 loved one’s account.
If you are overwhelmed by dealing with negative entries on your credit report,
we suggest you ask a professional credit repair company for help.
How Does a WF Crd Srv Hard Inquiry Impact Your Credit Report?
Hard inquiries differ from soft inquiries in a few ways.
A soft credit pull can occur when:
- You check your credit score
- A potential lender pre-approves you for certain offers
- You submit to a background check for a job
- A prospective landlord checks your credit
Soft credit checks don’t affect your score, regardless of how many are present. And, they don’t always get added 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.
Then, information on your credit report helps them decide whether or not they should lend you money.
When you applied for a Wells Fargo card, the bank may have obtained any one of your credit reports. This means that one, two, or all three of your scores could be affected.
One hard inquiry should only drop your score by a couple of points. And this can stay on your report for a maximum of two years.
After a year, 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.
How to Remove WF Crd Svc from Your Credit Report
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 never applied for a Wells Fargo card or loan, here are two strategies to help you get the hard inquiry deleted from your report.
Dispute the Inquiry
If you applied 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.
But getting an inaccurate entry deleted from your report is easy, due to the Fair Credit Reporting Act.
First, you may want to start by reaching 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.
And you can easily dispute an entry online, or you can call or mail a letter to the bureaus if you prefer.
The bureaus will then launch an investigation into the inquiry. If they find it to be fraudulent, they’ll drop the entry from your report promptly.
Keep Tabs on Your Credit
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.
For instance, 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 offer with high approval odds.
More importantly, you’ll get resources to help you if you’re confronted with a fraudulent credit entry.
Work with a Credit Repair Company
Facing the possibility of identity theft can be daunting.
But 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.
Because whether you’ve been the victim of identity fraud or a reporting error, they’ll ensure that inaccurate entries are removed from your report swiftly.
They’ll deal with more troubling credit problems, too, such as:
In conclusion, wherever you stand with your credit, these companies can help take your score to the next level.
So get started with one of the best credit repair companies today.
Dealing with WF Crd Srv On Your Credit Report
So if you applied for a credit card from Wells Fargo and you’re stressing over the effects, there’s good news.
Whether you were approved 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 them off your credit report.