diff --git a/src/wallet/wallet.cpp b/src/wallet/wallet.cpp
index 6885499be2..1888d04f6d 100644
--- a/src/wallet/wallet.cpp
+++ b/src/wallet/wallet.cpp
@@ -2007,10 +2007,7 @@ DBErrors CWallet::LoadWallet()
         assert(m_internal_spk_managers.empty());
     }
 
-    if (nLoadWalletRet != DBErrors::LOAD_OK)
-        return nLoadWalletRet;
-
-    return DBErrors::LOAD_OK;
+    return nLoadWalletRet;
 }
 
 DBErrors CWallet::ZapSelectTx(std::vector<uint256>& vHashIn, std::vector<uint256>& vHashOut)
@@ -2542,6 +2539,7 @@ std::shared_ptr<CWallet> CWallet::Create(WalletContext& context, const std::stri
     // TODO: Can't use std::make_shared because we need a custom deleter but
     // should be possible to use std::allocate_shared.
     std::shared_ptr<CWallet> walletInstance(new CWallet(chain, name, std::move(database)), ReleaseWallet);
+    bool rescan_required = false;
     DBErrors nLoadWalletRet = walletInstance->LoadWallet();
     if (nLoadWalletRet != DBErrors::LOAD_OK) {
         if (nLoadWalletRet == DBErrors::CORRUPT) {
@@ -2562,6 +2560,10 @@ std::shared_ptr<CWallet> CWallet::Create(WalletContext& context, const std::stri
         {
             error = strprintf(_("Wallet needed to be rewritten: restart %s to complete"), PACKAGE_NAME);
             return nullptr;
+        } else if (nLoadWalletRet == DBErrors::RESCAN_REQUIRED) {
+            warnings.push_back(strprintf(_("Error reading %s! Transaction data may be missing or incorrect."
+                                           " Rescanning wallet."), walletFile));
+            rescan_required = true;
         }
         else {
             error = strprintf(_("Error loading %s"), walletFile);
@@ -2753,7 +2755,7 @@ std::shared_ptr<CWallet> CWallet::Create(WalletContext& context, const std::stri
 
     LOCK(walletInstance->cs_wallet);
 
-    if (chain && !AttachChain(walletInstance, *chain, error, warnings)) {
+    if (chain && !AttachChain(walletInstance, *chain, rescan_required, error, warnings)) {
         return nullptr;
     }
 
@@ -2775,7 +2777,7 @@ std::shared_ptr<CWallet> CWallet::Create(WalletContext& context, const std::stri
     return walletInstance;
 }
 
-bool CWallet::AttachChain(const std::shared_ptr<CWallet>& walletInstance, interfaces::Chain& chain, bilingual_str& error, std::vector<bilingual_str>& warnings)
+bool CWallet::AttachChain(const std::shared_ptr<CWallet>& walletInstance, interfaces::Chain& chain, const bool rescan_required, bilingual_str& error, std::vector<bilingual_str>& warnings)
 {
     LOCK(walletInstance->cs_wallet);
     // allow setting the chain if it hasn't been set already but prevent changing it
@@ -2792,8 +2794,9 @@ bool CWallet::AttachChain(const std::shared_ptr<CWallet>& walletInstance, interf
     // interface.
     walletInstance->m_chain_notifications_handler = walletInstance->chain().handleNotifications(walletInstance);
 
+    // If either rescan_required = true or -rescan is set, rescan_height remains equal to 0
     int rescan_height = 0;
-    if (!gArgs.GetBoolArg("-rescan", false))
+    if (!rescan_required && !gArgs.GetBoolArg("-rescan", false))
     {
         WalletBatch batch(walletInstance->GetDatabase());
         CBlockLocator locator;
diff --git a/src/wallet/wallet.h b/src/wallet/wallet.h
index 15a5933424..cedccf7d44 100644
--- a/src/wallet/wallet.h
+++ b/src/wallet/wallet.h
@@ -337,7 +337,7 @@ private:
      * block locator and m_last_block_processed, and registering for
      * notifications about new blocks and transactions.
      */
-    static bool AttachChain(const std::shared_ptr<CWallet>& wallet, interfaces::Chain& chain, bilingual_str& error, std::vector<bilingual_str>& warnings);
+    static bool AttachChain(const std::shared_ptr<CWallet>& wallet, interfaces::Chain& chain, const bool rescan_required, bilingual_str& error, std::vector<bilingual_str>& warnings);
 
 public:
     /**
diff --git a/src/wallet/walletdb.cpp b/src/wallet/walletdb.cpp
index c697534c06..11c35e70e9 100644
--- a/src/wallet/walletdb.cpp
+++ b/src/wallet/walletdb.cpp
@@ -755,6 +755,7 @@ DBErrors WalletBatch::LoadWallet(CWallet* pwallet)
 {
     CWalletScanState wss;
     bool fNoncriticalErrors = false;
+    bool rescan_required = false;
     DBErrors result = DBErrors::LOAD_OK;
 
     LOCK(pwallet->cs_wallet);
@@ -823,7 +824,7 @@ DBErrors WalletBatch::LoadWallet(CWallet* pwallet)
                     fNoncriticalErrors = true; // ... but do warn the user there is something wrong.
                     if (strType == DBKeys::TX)
                         // Rescan if there is a bad transaction record:
-                        gArgs.SoftSetBoolArg("-rescan", true);
+                        rescan_required = true;
                 }
             }
             if (!strErr.empty())
@@ -859,8 +860,11 @@ DBErrors WalletBatch::LoadWallet(CWallet* pwallet)
         ((DescriptorScriptPubKeyMan*)spk_man)->AddCryptedKey(desc_key_pair.first.second, desc_key_pair.second.first, desc_key_pair.second.second);
     }
 
-    if (fNoncriticalErrors && result == DBErrors::LOAD_OK)
+    if (rescan_required && result == DBErrors::LOAD_OK) {
+        result = DBErrors::RESCAN_REQUIRED;
+    } else if (fNoncriticalErrors && result == DBErrors::LOAD_OK) {
         result = DBErrors::NONCRITICAL_ERROR;
+    }
 
     // Any wallet corruption at all: skip any rewriting or
     // upgrading, we don't want to make it worse.
diff --git a/src/wallet/walletdb.h b/src/wallet/walletdb.h
index a549c8039c..39d1e2615c 100644
--- a/src/wallet/walletdb.h
+++ b/src/wallet/walletdb.h
@@ -48,7 +48,8 @@ enum class DBErrors
     NONCRITICAL_ERROR,
     TOO_NEW,
     LOAD_FAIL,
-    NEED_REWRITE
+    NEED_REWRITE,
+    RESCAN_REQUIRED
 };
 
 namespace DBKeys {
diff --git a/src/wallet/wallettool.cpp b/src/wallet/wallettool.cpp
index 50b6c9d29f..4abfde76e2 100644
--- a/src/wallet/wallettool.cpp
+++ b/src/wallet/wallettool.cpp
@@ -76,6 +76,10 @@ static std::shared_ptr<CWallet> MakeWallet(const std::string& name, const fs::pa
         } else if (load_wallet_ret == DBErrors::NEED_REWRITE) {
             tfm::format(std::cerr, "Wallet needed to be rewritten: restart %s to complete", PACKAGE_NAME);
             return nullptr;
+        } else if (load_wallet_ret == DBErrors::RESCAN_REQUIRED) {
+            tfm::format(std::cerr, "Error reading %s! Some transaction data might be missing or"
+                           " incorrect. Wallet requires a rescan.",
+                name);
         } else {
             tfm::format(std::cerr, "Error loading %s", name);
             return nullptr;