What Is WFDS on My Credit Report?

It’s important to make a habit of periodically checking your credit report. Most of the time, you’ll probably won’t notice anything amiss. However, if you see anything suspicious, you should investigate right away.

If you’ve recently seen WFDS on credit reports from multiple credit bureaus (or even just one), you might be wondering, “What is WFDS on my credit report?” The answer may not be what you expect.

What is WFDS on my credit report?

“WFDS” stands for “Wells Fargo Dealer Services.” This is the auto financing division of Wells Fargo, but it doesn’t lend directly to consumers. Instead, if you buy a car from a dealer and finance it, the dealer may offer you a loan serviced by WFDS.

WFDS works with around 11,000 auto dealers nationwide, so if you’re currently financing a vehicle or have in the past, there’s a good chance that your loan came from WFDS.

Why WFDS is on your credit report

If you’ve spotted WFDS on credit reports, there are a few reasons it might be there.

You applied for a Wells Fargo car loan (or a dealer applied on your behalf)

When you finance a vehicle bought at a dealership, the dealer will typically apply for a loan with your permission. Because applying for financing usually results in a hard inquiry, it may show up on your credit report even if the application was denied.

You cosigned on a family member or friend’s car loan

When you cosign a loan for someone else, the loan information will appear on your credit report as well as theirs. If you cosigned on a car loan from Wells Fargo, that may explain why WFDS shows up on your report.

It’s an error

Data furnishers and credit bureaus do their best to ensure that everything on consumers’ credit reports is accurate. However, mistakes still happen.

You’re a victim of identity theft

If someone has stolen your identity, they may have taken out an auto loan in your name. Luckily, there are steps you can take if you suspect that this is the case.

What to do if you don't recognize WFDS on credit reports

Now that you know why WFDS is appearing on your credit report, you’re probably wondering whether it’s an error. If you’re unsure, it’s best to contact the division directly. They should be able to tell you whether they’ve pulled your credit and, if so, when the pull happened.

If an account was opened in your name and you didn’t authorize it, don’t panic, but make sure to act quickly. The following steps can help you protect your finances and your credit.

Freeze your credit

Contact the three major credit bureaus (Experian, Equifax, and TransUnion) and ask to freeze or lock your credit. That way, if someone tries to open another account in your name, they won’t be able to.

File a report

If you suspect that your identity has been stolen, you can file a report at IdentityTheft.gov. When you do, you’ll receive further guidance on how to protect yourself.

In addition to reporting the theft online, you should also contact your local police department.

Dispute the entry on your credit report

Once you’ve reported the problem and taken steps to prevent further fraud, you can dispute the item on your credit report. All three credit bureaus make it possible to file a dispute online, making the process quick and easy.

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