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What is WF PLL on my credit report?
WF PLL stands for Wells Fargo Personal Lines and Loans.
Wells Fargo is one of the largest banks in the nation. 1 They provide a variety of financial services for businesses and consumers, including personal loans and lines of credit.
As of May 2020, Wells Fargo no longer extends new personal lines of credit, but they still service active accounts. 2 If you see WF PLL on your credit report, you likely applied for or took out a personal loan from Wells Fargo, or previously opened a personal line of credit with them.
Is WF PLL a scam?
No, seeing WF PLL on your credit report doesn’t mean you’ve been scammed—Wells Fargo is a legitimate company. If you see their name, it probably indicates that you have an account with them or they checked your credit.
If you’re certain that there’s activity on your credit report under WF PLL that shouldn’t be there, it’s possible you’ve been the victim of identity theft.
We’ll discuss the reasons (both legitimate and fraudulent) that WF PLL might be on your credit report in more detail in the next section.
Why is WF PLL on my credit report?
WF PLL can appear on your credit report for a number of reasons, some negative and some harmless. Here are the four most common reasons why WF PLL might appear on your credit report:
1. Wells Fargo checked your credit
You’ll see WF PLL on your credit report if Wells Fargo ran a credit check to determine your eligibility for a personal loan. This type of check can appear as a hard inquiry or as a soft inquiry.
- Hard inquiries: These generally appear on your credit report when you apply for new credit, such as credit cards, store cards, rewards cards, or installment loans. For example, WF PLL will show up on your credit report if you actually applied for a personal loan from Wells Fargo.
- Soft inquiries: These show up on your credit report when someone checks your credit but you’re not actually looking to open a new account. For example, if Wells Fargo prequalified you for a personal loan, then they may have triggered a soft inquiry during the prequalification process.
Thankfully, soft inquiries won’t affect your credit score. Hard inquiries will usually lower your credit score by a few points, but the effect won’t last more than a year, and the inquiry will fall off your credit report entirely after two years. 3 Note that you usually can’t remove a hard inquiry early unless the bureau added it to your report by mistake.
2. You have a personal loan issued by Wells Fargo
WF PLL will appear on your credit report if you currently have or previously had a personal loan issued by Wells Fargo. This is because lenders usually report your monthly loan payments to at least one of the three major credit bureaus.
Even if you’ve paid off your loan, your account information can stay on your credit report for 7 years (for negative marks like late payments) or 10 years (for accounts in good standing). 4
3. You’re a cosigner on someone else’s personal loan
WF PLL can show up on your credit report if you cosigned a personal loan for someone else, like a spouse, child, or friend. When you cosign a loan, you’re taking responsibility for paying off the loan if the primary borrower stops making payments.
Their payments toward the loan can also affect your credit score, for better or for worse. 5 If the primary borrower responsibly manages their payments, then being their cosigner can improve your credit score by helping you establish a positive payment history. On the other hand, missed payments might cause a drop in your credit score.
4. You’re a victim of identity theft
If you see WF PLL on your credit report but you’re sure you didn’t apply for a personal loan issued by Wells Fargo, it could be a sign of identity theft.
If you suspect that someone’s trying to fraudulently open accounts in your name, take these steps:
- Contact Wells Fargo and tell them you’ve never applied for or taken out one of their loans. Ask them for details about the loan application, such as when it was submitted and under what circumstances the inquiry was authorized.
- Report the identity theft to the Federal Trade Commission (FTC). Go to www.identitytheft.gov and answer the questions to generate an identity theft report and recovery plan.
- Contact any of the three main credit bureaus (Equifax, Experian, or TransUnion) and have a fraud alert placed on your credit report. You only need to contact one of the bureaus; they’ll coordinate with the others, and your fraud alert will be acknowledged by all three. 6
You may also want to freeze your credit (or get a credit lock, which is very similar).
Carefully monitor your credit reports over the next few months for further signs of fraudulent activity.
How does WF PLL affect my credit score?
There are several ways that WF PLL can affect your credit score, depending on whether it’s been reported as an inquiry or an account.
Hard inquiries
As mentioned, a single hard inquiry will have a small, short-term effect on your credit, usually lowering your FICO score by up to five points and your VantageScore credit score by 5–10 points. 7 8
This effect is usually cumulative, so too many hard inquiries can really hurt your score. However, a single inquiry isn’t something to worry about—your credit score ranges from 300 to 850, which means 5 points in either direction isn’t significant.
Open and closed accounts
If you have a personal loan from Wells Fargo on your credit report, then it’s contributing to your credit score by influencing the following factors:
To learn how your personal loan will affect your credit score, familiarize yourself with the factors that make up your FICO score and VantageScore.
How to remove WF PLL from my credit report
If you want to delete WF PLL from your credit report, then try one of the following approaches.
1. Send a dispute letter
If you see an item listed under WF PLL on your credit report that you suspect is a mistake, then you can dispute it by sending a dispute letter to Wells Fargo and/or the credit bureaus.
Send your letter to Wells Fargo if you believe the error originated with them (e.g., they reported a late payment that you actually paid on time). Send it to the credit bureaus if you believe they made the mistake (e.g., they confused you with someone with a similar name or Social Security number).
Either way, it’s usually a good idea to send copies of the letter to both parties (the bureaus and Wells Fargo). They may contact each other as they investigate the matter, and it’s important to make sure everybody has received the relevant information.
Once you’ve filed your dispute, the credit bureau will be required to investigate and correct any inaccurate information on your report, usually within 30–45 days. 9
2. Use a credit repair company
A credit repair company will act as a middleman between yourself and whoever you need to communicate with, such as your lender and the credit bureaus. They might be able to get a hard inquiry or other WF PLL item off your credit report by helping you gather evidence and handling all the required communication.
However, be wary of scammers. By law, credit repair companies are not allowed to charge you before they’ve helped you. 10 If they ask for payment upfront, hire a different company.
Although hiring a credit repair company can save you some time and hassle in disputing items on your credit report, bear in mind that they can’t do anything for you that you can’t do yourself.
They also won’t necessarily be able to erase valid negative information or turn a bad credit score into a good credit score overnight. Think carefully before hiring a third-party company to get WF PLL off your credit report.
