If you have recently checked your credit statement and stumbled across a curious code, you have every right to be concerned! Unknown codes can mean you’re the victim of a scam — or, the happier alternative, it could mean it’s for a service you’ve just forgotten about.
For example, what does the phrase WF CRD SVC code stand for, is it detrimental, and can you have it removed? Below, I’ll take you through everything you need to know.
What does WF CRD SVC mean?
Generally speaking, WF CRD SVC stands for Wells Fargo Credit Services. Simply put, it is a division of Wells Fargo Bank, which is one of the largest banks operating in the US.
WFCS typically provides financial products to customers, such as personal loans, credit cards, mortgages, auto loans, and even home equity lines of credit.
If you see this specific code on your credit statement, then it is likely because you applied for a credit card or loan from Wells Fargo.
When you apply for such credit, the bank assesses whether or not you are creditworthy. So, they perform a “hard inquiry” on your finances – which involves getting ahold of your credit report, usually from a credit bureau (such as Equifax, Experian, TransUnion, or another).
How does WF CRD SVC affect my credit report?
Sadly, a hard inquiry can cause detriment depending on the outcome of such a request – it can, for example, cause a decrease in your credit score (although this is usually only temporary).
The impact will depend on your credit history and how many inquiries you’ve had over the past few years.
On the whole, hard inquiries will remain visible on your credit report to other lenders for at least two years. Effectively, it shows other potential lenders when you request credit, and how much.
This is because a sign of multiple hard inquiries within a relatively short time may make you appear as though you are unlikely to pay back any money you owe.
That is why, should you not have requested a credit card or loan, you must arrange for such a request to be removed from your credit report as soon as possible. And, thankfully, this is easier to achieve than you might think.
How do I remove WF CRD SVC from my credit report?
The ideal thing to do to get the hard inquiry removed from your credit report as soon as possible is to take action when you notice it. You can try multiple options to remove such an inquiry, but all are best dealt with quickly.
If you notice WF CRD SVC on your credit report and are certain you’ve never requested a check from Wells Fargo, here are a few routes you can try.
Contact a credit repair service
Credit repair companies specialize in supporting people with erroneous or challengeable credit checks removed from customers’ files. However, there will need to be a valid reason for a credit repair service to intervene (such as identity theft, for example).
However, you may find that credit repair services do more than just erase fraudulent check requests.
In the event of a reporting error, a credit repair service can also intervene to help remove the code from your credit report as quickly as possible.
Unfortunately, for all we live in an age where credit reporting and checks should proceed without costly mistakes, this isn’t always a given.
Dispute the check with the report issuers
If you do not understand why you’ve received a Wells Fargo and see no conceivable reason why it should linger on your report, you can dispute it with the issuer of the report. That means you will need to contact Wells Fargo directly.
Unfortunately, I can’t confirm Wells Fargo’s precise process for following up fraud cases. My advice, however, is to simply reach out to their customer care team as a priority.
Dispute the check with credit bureaus
Should there be an issue with the inquiry itself, your best bet is to contact your credit bureau directly. They will have to trace the inquiry back, find out why it is there, and ultimately have it removed if you’re found innocent.
It can be daunting to try and prove that you haven’t applied for credit. However, until you raise an alert with the relevant bodies, you’ll remain liable, and your credit will suffer.
Why should I report WF CRD SVC?
If you didn’t authorize a Wells Fargo check on your credit file, reporting it as fraudulent will help to heal your credit score. The longer you leave checks such as these on your report, the tougher it will be for you to gain new credit elsewhere, sooner.
Before You Go…
Mysterious charges on our bank and credit card statements can be very frustrating. We’ve done as much work as possible to get the bottom of this issue, but we could always use your help.
Please let us know in the comments whether you found this article useful or not. If there’s something we missed or anything that needs to change, please do let us know. Your feedback and constructive comments help us make this content more valuable for everyone. Thanks!
by Andrew Garcia
Andrew, an alumnus of South Florida State College, loves finance, fintech, and coding. When he’s not crunching numbers at the bank, he’s passionately writing about personal finance and building calculators for PFF. See more.