According to Wikipedia, greybody factors are corrections to the black hole Hawking radiation spectrum. They say that at the horizon the emission is that of a perfect black body, but the gravitational potential well makes so that the spectrum at infinity does not correspond to a black body anymore. Greybody factors give this correction.
However, standard derivations of Hawking radiation (such as Hawking's original 1975 paper or the one on Wald's book) do not give the particle spectrum at the horizon. Rather, they make a correspondence between modes at past and future null infinities. Thus, the original calculation already seems to take the potential well into account and get a perfect black body spectrum.
My question then is: what is wrong in the previous two paragraphs and how can we reconcile them with each other?