Does Wells Fargo Report to TransUnion?

Understanding how and when Wells Fargo reports your credit information to TransUnion is important for managing your credit health. In this article, we’ll cover everything you need to know about Wells Fargo and TransUnion credit reporting.

An Overview of TransUnion

TransUnion is one of the three major consumer credit reporting agencies in the United States. The other two are Equifax and Experian. TransUnion collects information on consumer credit behavior and provides credit reports and credit scores to lenders.

Lenders use your TransUnion credit report and score to evaluate your creditworthiness when you apply for loans, credit cards, mortgages, and other types of credit. Maintaining a high credit score with TransUnion can help you get approved for credit and qualify for the best terms and interest rates.

Does Wells Fargo Report to TransUnion?

Yes, Wells Fargo does report customer account information to TransUnion on a regular basis. This reporting includes data on bank accounts, credit cards, auto loans, mortgages, HELOCs, and other lending products offered by Wells Fargo

For credit cards and loans, Wells Fargo reports your payment history, account balances, credit limits, and any late payments. For bank accounts, your account types, opening and closing dates, and any negative activity like overdrafts may be reported.

Wells Fargo reports both positive and negative credit information to TransUnion. Making on-time payments and keeping account balances low can help build your TransUnion credit score. Missed payments, maxed out limits, and overdrafts may damage your score.

How Often Does Wells Fargo Report to TransUnion?

For most credit products, Wells Fargo reports your account activity to TransUnion on a monthly basis. Updates typically occur within 30-45 days after the end of your billing cycle or statement period.

For example, if your credit card statement period ends on the 15th of each month, Wells Fargo will likely report your statement balance, payment, and any other account activity to TransUnion in mid to late April.

Wells Fargo may also report changes to your accounts, like credit limit increases, as they occur. Accounts paid in full or closed may be updated right away as well.

For bank accounts, Wells Fargo usually reports overdrafts and other negative activity as it happens. Positive information is updated monthly.

What Information Does Wells Fargo Report to TransUnion?

Wells Fargo provides TransUnion with a range of account details so your credit report reflects your behavior comprehensively.

For credit cards, Wells Fargo reports:

• Account type (credit card, auto loan, etc.)
• Date opened
• Credit limit
• Balance
• Minimum payment
• Payment history
• Late payments
• Collections or charge-offs

For bank accounts, Wells Fargo reports:

• Account opening and closing dates
• Account types and status
• Any overdrafts or returned payments

Authorized users on credit card accounts may also have their payment history reported to TransUnion.

How to Check Your TransUnion Credit Report

You can check your TransUnion credit report to see exactly what Wells Fargo is reporting each month. Every consumer is entitled to one free credit report from TransUnion, Equifax, and Experian every 12 months.

To get your free TransUnion credit report:

• Visit AnnualCreditReport.com, the official site to request free reports.
• Provide your personal information to verify your identity.
• Select TransUnion as the credit bureau you want your report from.

Reviewing your TransUnion credit report regularly can help you identify any inaccuracies in Wells Fargo’s reporting, as well as monitor your overall credit health. Pay particular attention to your Wells Fargo account details.

Tips for Managing Your Wells Fargo Credit Reporting

Here are a few tips to ensure Wells Fargo is reporting positive credit information to TransUnion:

• Make at least the minimum payment on all Wells Fargo accounts by the due date each month. Set up autopay to avoid missed payments.
• Keep credit card balances as low as possible, ideally below 30% of the credit limit.
• Avoid account closures or overdrafts that could represent risk to lenders.
• Check your TransUnion credit report at least annually for errors or discrepancies. Dispute any incorrect information with Wells Fargo.
• Consider contacting Wells Fargo for credit limit increases periodically to keep utilization low.

Managing what Wells Fargo reports to TransUnion takes regular monitoring and care. But it’s worth the effort to build your TransUnion credit score over time. A high score can save you thousands on interest rates for loans and credit cards.

The Bottom Line

Wells Fargo reports a comprehensive overview of your account activity to TransUnion each month. This includes credit cards, auto loans, mortgages, bank accounts, and any other lending products you have with Wells Fargo.

Checking your TransUnion credit report regularly is the best way to ensure the information is accurate. Pay bills on time, keep credit card balances low, and avoid risk behaviors like overdrafts to have Wells Fargo send positive credit data to TransUnion. With responsible account management, you can build your TransUnion credit history with Wells Fargo.