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You’ve been offered a job and everything is falling nicely into place. Until your employer tells you they need to do a background screening, which will include running a credit check. Your credit score isn’t where you want it to be, and suddenly you’re very concerned. Will they rescind the offer based on your finances?

For positions outside the banking and finance world, your credit report will likely have zero effect on whether you get the position. And background checks for employment don’t affect your credit score.

Read on to learn the common types of background checks employers run and why they may want to look at your creditworthiness.

What Is a Background Check?

Not all job applicants are completely honest during the interview process. For that reason, many companies run some type of background check on prospective employees. A recent survey by the HR Research Institute found that 95% of companies in the U.S. conduct some type of background screening as part of the hiring process.

Employers order background checks not only to verify your identity, but also to confirm you’re telling the truth about certain things, including your past employment, academic credentials, and whether you have a criminal record. (Similarly, banks run credit checks for new checking accounts mainly to verify your identity and rule out identity theft and fraud.)

Pre-employment screening is typically conducted by a professional background check company hired by the employer. These third party firms have access to resources and tools the average employer doesn’t, so they can deliver a more comprehensive report in a shorter amount of time.

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What Are Employers Looking Out For?

Hiring managers are looking to avoid bringing someone onboard who is unqualified or poses any kind of risk to their business. Without any official vetting, the wrong candidate could result in financial damage to the company or make the workplace less safe for other employees.

By doing a background check, companies can reduce property damage, employee theft, and liability and legal costs incurred by hiring unqualified, uncredentialed people. Companies also hope to avoid employees who have exhibited threatening behavior toward coworkers in the past.

When companies order a credit check for employment, it’s to get an idea of whether the candidate might show signs of financial problems.

Having excessive debt and using a lot of your available credit could signal financial hardship and distress.

An employer may see candidates with high outstanding debt or maxed out credit cards as having an increased likelihood of committing theft or fraud.

How a Background Check Affects Your Credit Score

The good news is an employer background credit check won’t affect your credit or FICO score at all. Why? It’s considered a soft inquiry, which pulls most of your financial information for data purposes as opposed to a hard inquiry, which can take points off your score. That’s because hard checks generally take place when a financial institution looks at your score to determine whether or not to issue you a loan or a credit card.

As mentioned earlier, an employer-requested credit report will be modified, listing your credit utilization rate, any past or current bankruptcy, available lines of credit, auto or student loans, and credit card payment history.

The credit report the employer sees won’t show other soft inquiries, so they can’t see if other employers have checked on you.

You, however, can see the soft inquiries if you request your own credit report.

7 Types of Background Checks

There are many different types of background screenings employers use to vet job candidates. The employer may use one or a combination of checks depending on their needs and concerns. Here are seven kinds of background checks a company may use to screen a new hire:

Identity Verification

This type of check is usually one of the first stages of a background check because an employer wants to first know that the person is who they claim to be. An ID verification confirms the candidate’s name, age, address, and Social Security number, to rule out any aliases or stolen identity.

Criminal Screening

A criminal record check enables the employer to make an informed decision about whether or not the employee will pose a threat to their company, clients, and employees. It’s especially important if the person will have access to financial information, security responsibilities, or work alongside vulnerable populations such as the elderly and children.

Criminal background checks typically include county, state, or federal records of any arrests, convictions for felonies and misdemeanors, outstanding arrest warrants, sex offences, incarceration records, and any acquittals, pending, or dismissed charges.

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Credit Check

It may not be relevant to run a credit check for every potential new hire. An employer may feel it’s necessary for positions involving a security clearance, proximity to money, sensitive customer data, or confidential company information. And they’re not really interested in knowing whether you have a Fair credit score.

A credit check may raise certain red flags that employers want to avoid, especially if it’s a job in the banking or finance sector. Many late payments can indicate you have trouble managing your money, aren’t responsible and organized, or can’t live up to agreements. As mentioned previously, these credit checks will not affect your credit score, nor will the employer be able to see your score.

You may want to see if your state or city allows employer credit checks. Currently, 11 states (California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maryland, Nevada, Oregon, Vermont, Washington), and the District of Columbia have passed laws restricting these types of credit checks. New York City, Chicago, and Philadelphia have similar laws.

By the way, credit monitoring services can alert you when someone has run a hard inquiry on your credit.

Motor Vehicle Records

When an employee may be expected to drive company vehicles or transport clients and customers, the employer will want to review the candidate’s driving record to ensure they’re hiring safe and responsible people.

A driving record check will show the person’s driving history, including any past license suspensions or revocations, vehicular crimes, accident record, DUI convictions and any car insurance lapses. The motor vehicle report will also reveal the number of points someone has on their license.

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Professional License and Education

Some people may exaggerate or even give false professional credentials, claim they’re licensed by an official agency, attended a certain school, or have a specific academic degree, certain training, or certifications, thinking no one will really bother to check. But not so fast. Employers can and, in many cases, do fact check these claims.

Not verifying stated qualifications could lead to hiring a candidate who isn’t professionally qualified for the job. And hiring someone without the skills and education needed can make the company vulnerable to lawsuits and other problems. Education verification checks universities, colleges, vocational schools, and high schools to confirm enrollment, dates of attendance, type of degree obtained, and graduation date, among other details.

With professional licenses, background screening companies generally contact organizations to check if the person is licensed and is a bonafide member. They will make sure the membership is in good standing and hasn’t lapsed or expired.

Fingerprint Check

Along with the criminal check, fingerprint checks are used to reveal any criminal arrests, charges, or details about prior case results. Unlike other screenings, fingerprint checks require the potential employee to actively participate in the process by having their fingerprints scanned.

Fingerprint checks are often required in regulated industries such as financial services; government or criminal justice agencies; jobs requiring security clearance; and healthcare, where a candidate may be responsible for someone who is vulnerable such as a child or the elderly.

E-Verify

E-Verify is a government-run, web-based system through which employers can confirm an individual’s employment eligibility. Verification is based on data taken from an employee’s Form I-9, Employment Eligibility Verification and compared to records available to the Social Security Administration and U.S. Department of Homeland Security.

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How to Prepare for a Background Check by a Potential Employer

First, be honest on your job application and resume, and during the interview process. Bring up anything you think might concern your employer before they do a background check. You can also do a background check on yourself to see if there are any discrepancies or mistakes in your records you can clear up. You can order one from a provider such as GoodHire.com for a minimal fee, or for free at Betterfuture.com.

In terms of your credit report, if you’re concerned an employer may have some issues, it’s a good idea to review yours in case there’s something you need to correct or resolve. You can access your Experian, TransUnion or Equifax credit report for free by going to AnnualCreditReport.com, a federally mandated site.

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What Are Your Legal Rights as a Job Applicant?

According to the Federal Trade Commission (FTC), employers must obtain your written permission before they can run a background check. You have the right to say no, but bear in mind, this could result in your not getting hired.

When employers use a third party to conduct a background check including credit, criminal, and past employment, the background check is covered by the Fair Credit Reporting Act (FCRA).

Under this law, employees have the right to:

•   Be informed of the background check

•   Provide consent for the background check

•   Review information pertaining to their personal and financial information

•   Correct any inaccuracies the report may contain

•   Appeal decisions if the applicant feels the decision was made unfairly

Laws in your city or state may impact whether, or when, employers can ask about and run a background check for your criminal or credit history. Before you fill out an application, check the laws in your state.

Can You Get a Copy of the Background Check?

Yes, the Fair Credit Reporting Act states you have the right to a copy of the background check from the company that prepared it. The name of the agency was likely on the consent form you signed, but if you can’t remember it, ask the employer to supply it. The screening agency should be able to provide you with a complimentary copy in a timely manner.

The Takeaway

Background checks have become a pretty routine part of the hiring process. These screenings can include a simple ID verification, driving or criminal record check, and pulling your credit report. Although it can be worrisome to know your employer’s checking on your credit, they’ll see an overview of your financial picture but not your actual credit score. Since it’s a “soft pull,” your credit score number will not change.

By knowing where you might be most vulnerable, you can prepare yourself by maintaining good records, being honest about your work and education history, and conducting your own background check to clear up any inaccuracies or potential problems.

Getting your finances on track starts with your credit score. Free credit monitoring is available with the SoFi Relay money tracker app. All you have to do is sign up (it takes just minutes) and start getting insights into your financial health.

SoFi Relay gives you the tools to monitor and impact your credit score.

FAQ

Can a job offer be rescinded due to bad credit?

Yes, an employer can withdraw the job offer for almost any reason, including your credit report. They can’t, however, rescind the offer due to discrimination based on gender, race, or disability. If you think this could be a reason, consider talking to an attorney. Otherwise, you can express your disappointment to the hiring manager and request more details on why they made their decision. This provides an opportunity to get a clear explanation.

What does an employer check show?

Employment background checks are typically performed to see an employee’s job history, if they have a criminal record, and to verify their identity. A screening may also include validating education and/or professional qualifications, driving records, and/or credit history.

Do background checks show up on a credit report?

When a company requests a credit check as part of employment screening, it’s considered a soft inquiry. Depending on the credit bureau, it may or may not appear in your reports. Since soft inquiries aren’t linked to an application for new credit, they’re only visible to you when you view your credit reports.

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Photo credit: iStock/MissTuni

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*Terms and conditions apply. (Must click on the link to be eligible.) This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the Rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed into SoFi accounts such as cash in SoFi Checking and Savings or loan balances, Stock Bits, fractional shares and cryptocurrency subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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A 401(k) can be a great way to save for retirement on a pre-tax basis, while enjoying the added benefit of an employer match. But it can be hard to know if you’re saving enough. You might be wondering, How much should I have in my 401(k) at 30? A common rule of thumb is to have at least one year’s salary saved in your 401(k) by the time you turn 30.

Your actual 401(k) balance, however, may be higher or lower depending on when you started saving, how much of your salary you defer into the plan, and the amount your employer matches. We’ll break down the average target balance for workers from age 25 to 65, and what to do if you’re not quite hitting that goal.

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How Much You Ideally Have Saved for Retirement

It’s never too early to ask “am I on track for retirement?” The sooner you do, the more time you’ll have to catch up if you’re falling short. Just know that the answer can be a moving target, depending on a number of variables.

First of all, your retirement savings objective will depend largely on your retirement goals. Someone who wants to retire at 50 is going to need a much larger nest egg by age 30 than someone who plans to wait until age 70 to retire.

Many other factors also come into play. By way of example, let’s calculate the 401(k) savings for one 30-year-old professional woman. Retirement experts often recommend saving 10% to 15% of your income in a workplace retirement plan each year. Following that advice, our hypothetical saver:

•   starts contributing to her plan at age 25.

•   defers 10% of her $60,000 salary annually for five years.

•   earns a 7% annual rate of return — a pretty average rate of return on 401(k) investments.

•   benefits from an employer match of 50% of contributions, up to 6% of her salary.

By age 30, our professional would have $46,539 saved in her 401(k). This is a great start. However, you can see how her balance might be significantly higher or lower if we changed up one or more details. For instance, by contributing 15% of her pay instead, she’d have $64,439 on her Big 3-0. On the other hand, if she started saving later, earned a lower rate of return, or enjoyed a less generous employer match, her balance could be lower.

Bottom line? How much you should have saved in a 401(k) by age 30 (or any other age) is subjective. It varies based on where you’re starting from and how aggressively you’re saving each year.

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How Much Do You Need to Retire

While you might hear financial experts say that you need $1 million or even $2 million to enjoy a comfortable retirement, that’s a guideline rather than a set-in-stone number. The amount you’ll need to retire can depend on:

•   How long you plan to continue working

•   When you anticipate taking Social Security benefits

•   Your desired lifestyle in retirement

•   How much you expect to spend on basic living expenses in retirement

•   Whether you have a spouse or partner

•   Whether you anticipate needing long-term care at some point

Assessing your personal retirement goals can help you come up with a realistic number that you should be targeting. It’s also helpful to consider how things like changing health care needs, increases (or cuts) to Social Security and Medicare, and inflation may impact the dollar amount you need to save and invest to avoid falling short in retirement.

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Average and Median 401(k) Balance by Age

Looking at the average savings by age can give you some idea of whether you’re on track. Just keep in mind that your progress and savings should match up with your specific goals.

Age	Average Account Balance	Median Account Balance
Under age 25	$6,264	$1,786
25 to 34	$37,211	$14,068
35 to 44	$97,020	$36,117
45 to 54	$179,200	$61,530
55 to 64	$256,244	$89,716
65+	$279,997	$87,725

Using a chart like this can make it easier to see where you are on the savings spectrum. So if you’re wondering “how much should I have saved by 40?,” for example, you can see at a glance that the average 40-something has close to $100,000 in retirement savings.

Remember that average numbers reflect outlier highs and lows, while the median represents where people in the middle of the pack land. Between them, median can be a more accurate or reliable number to measure yourself against.

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Tips to Save for Retirement

Enrolling in your 401(k) is one of the easiest ways to begin building retirement savings. Your employer may have enrolled you automatically when you were hired. If you’re not sure, contact your HR department. You can also check your default contribution rate to see how much you’re contributing to the plan.

It’s a good idea to contribute at least enough to get the full company match if one is offered. Otherwise, you’re leaving free money on the table.

If you’re worried you’re not saving enough, consider supplementing your 401(k) with an Individual Retirement Account (IRA).

An IRA is another tax-advantaged savings option. You can open a traditional IRA, which offers the benefit of tax-deductible contributions, or a Roth IRA. With a Roth IRA, you can’t deduct contributions, but qualified withdrawals are 100% tax-free.

Not sure how to start a retirement fund? It’s actually easy to do through an online brokerage. You can create an account, choose which type of IRA you want to open, and set up automatic contributions to start building wealth.

How Much Should You Contribute to Your 401(k) Per Year

The amount you should contribute to your 401(k) each year should reflect your retirement savings goal, how many years you have to save, and your expected annual rate of return.

When deciding how much to save, first consider your budget and how much of your income you can commit to your 401(k). Next, look at the amount you need to contribute to get the full company match. You can then plug those numbers, along with your salary, into a 401(k) calculator to get an idea of how likely you are to hit your retirement savings goal.

For instance, you might figure out that you need to save 15% of your pay each year. But if you’re not making a lot yet, you might only be able to afford saving 8% each year. So what do you do then? A simple solution is to increase your contribution amount each year and work your way up to the 15% threshold gradually.

Example of Impact of Compounding Interest on Retirement

Does it matter when you start saving for retirement? Yes, and in a big way, thanks to compounding interest. Compound interest is the interest you earn on your interest. The longer you have to save and invest, the better. In fact, the best way to build wealth in your 30s is simply to continue contributing what you can to your retirement savings, and then let it sit there for a few decades.

Going back to the 401(k) example mentioned at the beginning, someone who starts saving 10% of their pay at age 25 and earns a steady 7% rate of return would have just over $1.6 million saved for retirement by age 65. That assumes they earn the same $60,000 throughout their career. If they were to get a 2% annual raise, their 401(k) balance would be over $2 million by the time they retire.

Now, assume that same person waits until age 35 to start saving. Even with a 2% annual raise, they’d have just $938,897 saved by age 65. That’s still a decent chunk of money, but it’s far less than they would have had if they’d gotten an earlier start. This example illustrates how powerful compounding interest can be when determining how much you’ll end up with in retirement.

Don’t Panic If You’re Behind on Saving

Having a lot of money in your 401(k) by age 30 is great, but don’t feel bad if you’re not where you need to be. Instead of fretting over what you haven’t saved, focus on what you can do next to increase your savings efforts.

That can mean:

•   Increasing your 401(k) contribution rate

•   Opening an IRA to go along with your 401(k)

•   Choosing low-cost investments to minimize fees

•   Investing through a taxable brokerage account

What if you have no money to invest? In that case, you might need to go back to basics. Getting on a budget, for example, can help you rein in overspending and find the extra money that you need to save. A free budget app is a simple and effective way to keep tabs on spending and saving.

The Takeaway

How much you should have in your 401(k) at 30 isn’t a simple number that applies to everyone. Your savings goal depends on a number of factors, such as your anticipated retirement age, when you started saving, your rate of return, and so on. Many retirement experts recommend saving 10% to 15% of your salary in a tax-advantaged retirement plan. From there, compounding interest over a long period of time will multiply your earnings. The bottom line is to save as much as you comfortably can.

Retirement planning starts with getting to know your spending habits and budget. If you’re not using a budget app yet, then a money tracker like SoFi Relay may be just what you need. Relay tracks all of your money in one place for free. You can track spending, get financial insights, and even monitor your credit right from your mobile device.

Download the Relay app and take control of your money.

FAQ

What is the average 401(k) balance for a 35-year-old?

The average 401(k) balance for a 35-year-old is $97,020, according to Vanguard’s How America Saves report. Average 401(k) balances are typically higher than median 401(k) balances across all age groups, as they reflect higher and lower outliers.

How much will a 401(k) grow in 20 years on average?

The amount that a 401(k) will grow over a 20-year period can depend on how much someone contributes to the plan annually, how much of that contribution their employer matches, and their average rate of return. Someone who saves consistently, increases their contribution rate annually, and chooses investments that perform well will likely see more growth than someone who saves only the bare minimum or hands back a chunk of their returns in 401(k) fees.

What is a good 401(k) balance at age 30?

A good 401(k) balance by age 30 is at least one year’s worth of salary. So if you make $75,000 a year you’d ideally want to have $75,000 in your retirement account. Whether that number is realistic for you can depend on how much you earn, when you started saving in your 401(k), and your rate of return.

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Photo credit: iStock/Burak Kavakci

SoFi’s Insights tool offers users the ability to connect both in-house accounts and external accounts using Plaid, Inc’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score provided to you is a Vantage Score® based on TransUnion™ (the “Processing Agent”) data.
*Terms and conditions apply. (Must click on the link to be eligible.) This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the Rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed into SoFi accounts such as cash in SoFi Checking and Savings or loan balances, Stock Bits, fractional shares and cryptocurrency subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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We all feel the effects of inflation: Groceries cost more, childcare seems to be a luxury service. But that’s subjective. To nail down the real-world impact of inflation, economists like to compare rising prices to salaries, which are more static. This is where the wage inflation calculator comes in. The tool illustrates how much buying power your earnings currently have compared to past years.

We’ll take a closer look at how wage inflation calculators work and what they can tell us about making a living in the U.S. in 2022. We’ll also examine what inflation is and how much wages have grown compared to home prices, gold, and other metrics.

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What Goes Behind an Hourly Wage Inflation Calculator

A wage inflation calculator may go by other names, such as an inflation wage calculator, hourly wage inflation calculator, minimum wage inflation calculator, or a wage adjusted for inflation calculator — they’re all the same. You can see an example at https://www.bls.gov/data/inflation_calculator.htm

The calculator is one way to represent inflation, which is the change in price of goods and services. It tells you how much buying power a dollar amount has on a certain date compared to another date — usually today or a year-over-year equivalent. For example, someone may enter their hourly wage on Jan. 1, 2010, and then compare how much that same wage bought them on Jan. 1, 2022.

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Historical Inflation Rates, Compared

The table below shows the annual rate of inflation from 1920 to present. See the next section for more information on how to read the table.

Year	Annual Average CPI-U	Annual Percent Change (Rate of inflation)
1920	20.0	15.6%
1921	17.9	-10.9%
1922	16.8	-6.2%
1923	17.1	1.8%
1924	17.1	0.4%
1925	17.5	2.4%
1926	17.7	0.9%
1927	17.4	-1.9%
1928	17.2	-1.2%
1929	17.2	0.0%
1930	16.7	-2.7%
1931	15.2	-8.9%
1932	13.6	-10.3%
1933	12.9	-5.2%
1934	13.4	3.5%
1935	13.7	2.6%
1936	13.9	1.0%
1937	14.4	3.7%
1938	14.1	-2.0%
1939	13.9	-1.3%
1940	14.0	0.7%
1941	14.7	5.1%
1942	16.3	10.9%
1943	17.3	6.0%
1944	17.6	1.6%
1945	18.0	2.3%
1946	19.5	8.5%
1947	22.3	14.4%
1948	24.0	7.7%
1949	23.8	-1.0%
1950	24.1	1.1%
1951	26.0	7.9%
1952	26.6	2.3%
1953	26.8	0.8%
1954	26.9	0.3%
1955	26.8	-0.3%
1956	27.2	1.5%
1957	28.1	3.3%
1958	28.9	2.7%
1959	29.2	1.08%
1960	29.6	1.5%
1961	29.9	1.1%
1962	30.3	1.2%
1963	30.6	1.2%
1964	31.0	1.3%
1965	31.5	1.6%
1966	32.5	3.0%
1967	33.4	2.8%
1968	34.8	4.3%
1969	36.7	5.5%
1970	38.8	5.8%
1971	40.5	4.3%
1972	41.8	3.3%
1973	44.4	6.2%
1974	49.3	11.1%
1975	53.8	9.1%
1976	56.9	5.7%
1977	60.6	6.5%
1978	65.2	7.6%
1979	72.6	11.3%
1980	82.4	13.5%
1981	90.9	10.3%
1982	96.5	6.1%
1983	99.6	3.2%
1984	103.9	4.3%
1985	107.6	3.5%
1986	109.6	1.9%
1987	113.6	3.7%
1988	118.3	4.1%
1989	124.0	4.8%
1990	130.7	5.4%
1991	136.2	4.2%
1992	140.3	3.0%
1993	144.5	3.0%
1994	148.2	2.6%
1995	152.4	2.8%
1996	156.9	2.9%
1997	160.5	2.3%
1998	163.0	1.6%
1999	166.6	2.2%
2000	172.2	3.4%
2001	177.1	2.8%
2002	179.9	1.6%
2003	184.0	2.3%
2004	188.9	2.7%
2005	195.3	3.4%
2006	201.6	3.2%
2007	207.3	2.9%
2008	215.3	3.8%
2009	214.5	-0.4%
2010	218.1	1.6%
2011	224.9	3.2%
2012	229.6	2.1%
2013	233.0	1.5%
2014	236.7	1.6%
2015	237.0	0.1%
2016	240.0	1.3%
2017	245.1	2.1%
2018	251.1	2.4%
2019	255.7	1.8%
2020	258.8	1.2%
2021	271.0	4.7%
2022*	294.4	8.6%

Data courtesy of the U.S. Bureau of Labor Statistics
^*2022 data is an estimate determined by the change in the CPI from Q1 2021 to Q1 2022.

How To Read Our Historical Inflation Rate Table

To understand the table shared above, first you need to know what CPI means. The Consumer Price Index comes from the U.S. Bureau of Labor Statistics (BLS), which began collecting family expenditure data in 1917. The annual average CPI-U in the second column represents Urban CPI data. The annual percent change between each year’s CPI represents the rate of inflation.

How To Calculate Hourly Wage Adjusted for Inflation

Using a wage inflation calculator is an easy way to see how our income’s buying power changes with inflation. Just enter the starting year of your choice, your hourly wage, and then the current year.

Let’s say someone was making $25 per hour in 2018 and wants to know what the equivalent hourly rate is in 2022. In this case, making $25 per hour in Aug. 2018 is equivalent to making $29.37 in Aug. 2022. Assuming the individual makes the same money today, this shows that the buying power of their hourly wage has decreased over the years.

If you’re negotiating a raise, you could argue that $29.37 is the minimum you should be making to keep up with the cost of living.

What Is Inflation and How Does It Work?

Inflation represents changes in prices of services and goods throughout the economy. The way the government measures inflation is by comparing the current cost of goods and services to prices in previous years.

Inflation weakens the purchasing power of the dollar, as consumers have to pay more for things than they did in previous months and years. Inflation can also deflate the value of cash held in savings accounts.

What Is Actual Inflation?

Actual inflation is a term used to refer to what the current rate of inflation really is versus what consumers perceive the current rate to be, or their “inflation expectations.” Consumer expectations influence actual inflation.

Hyperinflation

Hyperinflation is a term used when rapid inflation occurs. This is when prices rise uncontrollably over a period of time. Hyperinflation is extreme — 50% a month or more — and fortunately rare.

The U.S. has never experienced hyperinflation, and no one believes it’s on the horizon. The most recent example of hyperinflation is Venezuela, where inflation reached 65,000% in 2018.

Deflation

Deflation is the opposite of inflation, when prices of goods and services go down. The U.S. experienced deflation of 7% (or -7% inflation) during the first few years of the Great Depression.

Recommended: What Is Stagflation?

How Is Inflation Calculated?

The formula for measuring inflation is:

•   Percent Inflation Rate = (Final CPI Index Value/Initial CPI Value) x 100

How Is Wage Adjusted for Inflation Calculated?

It’s complicated. The easiest way to calculate a wage adjusted for inflation is to use an online wage inflation calculator.

How Inflation Impacts You

There’s some confusion surrounding whether inflation is good or bad. Some inflation is normal, and shows that the economy is growing. But for consumers it feels like a bad thing. It can be especially worrisome for borrowers with variable-rate-interest debt like student loan debt.

Economists can measure the impact of inflation on consumers in a number of ways. You’ve probably seen articles discussing college tuition vs. inflation, which show how American incomes have not kept up rising education costs. Other metrics tell similar stories.

Let’s look at a few different metrics that reveal how consumers may feel the impact of inflation.

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How Your Wage Is Doing Relative to the Housing Market

Inflation can sneak up on consumers when prices at grocery stores rise slightly. But they really feel it when making a large purchase, such as buying a home. People who have saved for many years to buy a house find that their income and savings are no longer enough to reach their home buying goals.

That’s because median home prices have far outstripped median wages: Nationwide home prices have grown 121% since 1960, while household income increased only 29%. This may have been great news for our parents and grandparents, who saw their real estate investments soar. But for today’s first-time homebuyers, it’s a disaster.

Also, mortgage interest rates can rise during periods of inflation.

Recommended: Should I Sell My House Now or Wait

How Your Wage Is Doing Relative to Gold

Because gold tends to hold its value, it makes a good unit of measurement for economists. By converting wages to gold, we can get a better sense of how wages have held up, or not, over the years.

In 1965, the minimum wage was equal to 71 ounces of gold annually. Given the price of gold in 2022, that’s equal to a salary of $118,712. Compare that to the current federal minimum wage of $7.25 per hour, or $15,080 annually. Minimum wage workers have lost 87% of their buying power since 1965.

How Your Wage Is Doing Relative to CPI

Remember, CPI represents consumer prices. Inflation impacts prices of essential goods and services such as groceries, gas, and childcare. This means that salaries and savings don’t extend as far as they used to. This is why many people push for raising the minimum wage during periods of inflation.

Recommend: What To Invest in During Inflation

The Takeaway

Inflation, and the rising prices that come with it, means your income doesn’t buy as much as it used to. Using a wage inflation calculator is one way for consumers to get a more objective idea of how much buying power their hourly wage has during periods of inflation. Of course, inflation doesn’t affect all prices equally. That’s why economists use different metrics to measure inflation’s impact, such as the Consumer Price Index (CPI), the housing market, and gold.

If you’re looking to take control of your money during inflation, SoFi Relay’s money tracker app can help you gain valuable insight into your financial life. With SoFi Relay, you can track all of your money in one place, monitor your credit score, and access spending breakdowns.

Track your money like a champion with SoFi Relay.

FAQ

How do you calculate wages adjusted for inflation?

Using a wage inflation calculator can make it easier to get insight into how much buying power an hourly wage has in the current economy. With a wage adjusted for inflation calculator, it’s easier to understand what someone’s income is currently worth compared to prior years.

How much is $15 an hour in 2000?

According to the CPI Inflation Calculator from the U.S. Bureau of Labor Statistics, $15 an hour in August 2000 is equivalent to $25.71 of buying power in August 2022.

What is the inflation rate for 2022?

The current inflation rate for 2022 is 8.6%. This is an estimate based on the change in the CPI from first quarter 2021 to first quarter 2022.

How do you calculate real hourly wage from CPI?

Wage inflation calculators take the current CPI and past CPI into account to help consumers calculate their real hourly wage.

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SoFi’s Insights tool offers users the ability to connect both in-house accounts and external accounts using Plaid, Inc’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score provided to you is a Vantage Score® based on TransUnion™ (the “Processing Agent”) data.
*Terms and conditions apply. (Must click on the link to be eligible.) This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the Rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed into SoFi accounts such as cash in SoFi Checking and Savings or loan balances, Stock Bits, fractional shares and cryptocurrency subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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While the National Retail Federation is expecting record spending this Halloween of around $100 per person, revelers might be planning to focus more on Halloween savings this year. Inflation is scarier than ghosts. Luckily, creativity is one of the hallmarks of Halloween, and Halloween savings are easy to achieve. Here are 31 ways to do it.

Get Creative with Costumes

Costumes may be the best part of Halloween. You can “be” anyone or anything for one night. But costumes don’t have to be expensive. In fact, with a little creativity you can have a great costume for almost nothing.

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1. Rent, Don’t Buy

Sites like Halloweencostumes.com and Costume.com offer theater-level costume styles for rent for a fraction of the purchase price.

2. Make your own

Extend Halloween fun by making your own costume. The internet is full of innovative ideas — homemade costumes that turn the wearer into jellyfish or fairies, or that create illusions, like someone sitting on a flying carpet.

3. Hit the Thrift Store

Thrift stores and surplus stores can not only provide the materials for a costume, they can also give you ideas: buy a wedding dress and become a ghostly bride or purchase a lab coat and become a mad scientist. You also might spot great savings on fall fashions while you’re at it.

4. Swap Costumes with Friends

Swapping costumes with friends is a great way to save money. And your outfit from last year may be someone’s dream costume for this Halloween.

5. Look For Sales

You can look online, at Halloween retailers, and at regular discount stores that sell costumes. Some may have sales to boost early purchases, or to clear out inventory as Halloween gets closer.

Decorate on a Budget

As a fruit, you would think pumpkins would be a super cheap decoration, but that’s not always the case. There are, however, some easy ways to haunt your house magnificently and take advantage of Halloween savings at the same time.

6. Become a Prop Master

There are tons of videos online explaining how to make everything from real-looking spider webs to authentic tombstones and creepy candles, such as these from Van Oaks Props . And if you’re particularly eco-friendly, you can substitute toxic chemicals and unsustainable materials like Styrofoam with more sustainable
materials .

7. Repurpose Last Year’s Decorations

Rework the decorations you used last year to create a whole new look. Give that mummy a hat, or have the witch you made last year hide behind a bush this time. If you’re crafty, a bit of paint or touch of glue can give your decor a whole new look.

8. Hit Garage Sales

Check out local garage sales and estate sales for decorations other people are ready to discard. You can often find some cool vintage treasures!

9. Trade Decorations with Friends

Tired of your old skeleton? You can switch it for a pal’s ghoul or light-up graveyard. You can offer up your old decorations on social media or just have everyone gather and trade like Halloween market.

10. Try the Discount Stores

Super discount stores often have tons of great decorations for almost nothing. Dollar stores, surplus stores, Spirit Halloween stores, and others can provide garlands, Jack o’ Lanterns, skeletons — you name it.

11. Scan Thrift Stores

A thrift store is like a treasure hunt inside a shopping trip. You never know what you’ll find at a thrift shop but you’re sure to find inspiration for decorations!

12. Don’t Forget the Lighting

Lighting changes everything. Put a green or purple bulb in a lamp and a basic room is automatically made spooky, especially if you’re lighting something from below. Check out these eerie lighting techniques for ideas on how to decorate your space.

13. Make Creepy Shadows

With nothing more than some paper and scissors you can make scary silhouettes for the windows: a werewolf looking in, or a dagger-wielding murderer for example. Put in front of a flashlight, they can even create some large, scary shadows for a spooky wall.

14. Scary Music Makes Ambiance

The most ordinary scene can feel terrifying when you add scary music. You can look online for options from classical pieces like Dance Macabre to soundtracks from horror movies complete with howling winds, distant church bells, and crows calling. There are even spooky tracks available on streaming services like Spotify.

15. Look for Pumpkin Deals

Most Jack O’ Lantern pumpkins cost less than $10 but if you need more than just one, the pumpkin costs can mount quickly. Some retailers have special offers on pumpkins that can really squash your spending.

16. Grow Your Own

It’s too late this year but you can grow your own pumpkins next year, and maybe grow other decorations to use for fall like corn husks and twisted tree branches that can later be made into haunted forests and witches’ brooms.

17. Shop in November

Everything Halloween related goes on deep discount on Nov. 1 to make room for the upcoming holidays. Many people take advantage of these closeout sales to save money while also stocking up on decor for the following year.

Low-Cost Ways to Celebrate Halloween

Haunted houses and ghost tours can cost as much as $50 per person, but there are a lot of ways to celebrate Halloween without spending a scary amount of money. Try hosting your own party, where you can save on food by shopping the sales, using coupons, and having potlucks.

18. Look for Coupons

Groupon and other coupon sites offer discounts on haunted houses and other spooky activities. Just make sure you read the fine print. Some coupons may require you to visit during the week or might only be valid for specific shows.

19. Show a Scary Movie

Hold a movie marathon where your friends and family create the lineup by bringing their favorite scary films. Or tune in the Halloween classics on television. Serve popcorn and inexpensive Halloween candy. And if someone has a projector, you can show it outside and make it that much spookier.

20. Host a Costume Contest

Consider inviting the kids to dress up and compete to create the scariest, funniest, and even most creative costumes using items they already have at home. The prizes don’t need to be expensive, just something from a dollar store.

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21. Carve Jack O’ Lanterns

Have friends bring their own pumpkins and have a Jack O’ Lantern carving potluck. You can even roast the seeds and serve them as a snack.

22. Scary Makeup Party

Have a get-together where you paint your faces with inexpensive makeup to look like werewolves, vampires, and banshees. Watch some internet tutorials for inspiration as you get into the Halloween spirit.

23. Tell Ghost Stories

This is a great activity to do in the dark, maybe even around a fire with some s’mores. Have everyone come with a ghost story to share.

24. Have a Seance

Also great to do in the dark near a glowing fire, you can use a Ouija board or other tools to speak to the departed. It’s extra fun if one or two people hide out and make ghost noises.

25. Have a Haunted House

You needn’t put on a big production. Simple things can bring a lot of spooky fun like hanging old pictures and telling spooky stories about them while leading participants around darkened rooms. Play scary recordings and have someone hiding behind a few corners to jump out. This Old House’s Bob Vila has a lot of haunted house ideas .

26. Check Out Local Haunts

Do you have a house, an old church or another place in town that’s known to be haunted? How about a neighborhood that really goes to town on the decorations? If so, Halloween is the perfect night to go visit.

27. Check Out Local Free Events

Look for local churches, malls, or schools that are putting on free Halloween parties or fall festivals for the community. Ready-made fun.

Save on Treats

Halloween just isn’t Halloween without the candy. But you don’t have to spend a fortune to keep you and your Trick or Treaters happy.

28. Buy in Bulk

Get giant bags of candy from club stores like Costco or Sam’s Club. They can provide you with enough candy for the whole neighborhood, and a party at home.

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29. Visit Low-Cost Retailers

Low-cost retailers like Walmart and Target often have special large bags of candy that may be on display in the holiday aisle rather than the regular candy aisle. If you can’t find it, ask for help.

30. Use Coupons

You can look for retailer coupons that give you a few dollars off your candy purchase, or even offer a buy one get one free deal.

31. Focus on the Fun

On Halloween, people are ready to be tricked, to be scared, and to believe the illusions that give them a little thrill of mystery. Instead of worrying about impressing others, focus on having good experiences and creating lasting memories.

The Takeaway

Halloween is about the kind of fear that gives you goosebumps, not sleepless nights. With today’s inflation, and a need to stretch dollars further than before, it might be a lot less scary, in a good way, to focus on savings this year.

With the ability to track your day-to-day spending and set financial goals, SoFi Relay money tracker app may be the tool you need to keep the ultimate tabs on your funds. While you pursue Halloween savings, you can get real-time updates on how much you have left to spend, leaving the fear in the festivities and out of your finances.

See how SoFi Relay can help you stay ahead of your spending.

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Photo credit: iStock/Talaj

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
*Terms and conditions apply. (Must click on the link to be eligible.) This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the Rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed into SoFi accounts such as cash in SoFi Checking and Savings or loan balances, Stock Bits, fractional shares and cryptocurrency subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
SoFi’s Insights tool offers users the ability to connect both in-house accounts and external accounts using Plaid, Inc’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score provided to you is a Vantage Score® based on TransUnion™ (the “Processing Agent”) data.
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Yes, in most cases it’s illegal to check someone else’s credit report. The Fair Credit Reporting Act (FCRA) is a federal statute that defines and limits who can receive credit-related information. The act lists legal reasons why someone’s credit can be checked; therefore, it is illegal for an individual or organization to check someone’s credit report for any other purpose.

We’ll do a deep dive into when it’s OK to run a credit check on someone, and what to do if you suspect someone has pulled your credit report without permission.

Can Anyone Check Your Credit?

The short answer is no. Legally speaking, a person or organization can check your credit only under certain circumstances. Someone either needs to have what’s called “permissible purpose” or have your permission and cooperation in the process for the credit check to be considered legal.

Who Can Access Your Credit Report?

People and organizations that can legally access your credit report under certain circumstances include the following:

•   Banks and other lenders

•   Utility companies

•   Insurance companies

•   Landlords

•   Employers

•   Here’s more about each

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Banks and Other Lenders

A financial institute can check someone’s credit in connection with credit-related transactions, such as when they apply for a mortgage or car loan. Note that section 609(g) of the FCRA requires financial institutions that arrange mortgage loans and use credit scores in their decision making to provide the credit score and additional information to the applicant.

Recommended: What Credit Score is Needed to Buy a Car

Utility Companies

Although it may not be commonly thought of in this way, applying for utility service is a form of credit. So when someone requests service from an electric company, the utility will likely check the person’s credit history. If the individual doesn’t have at least a fair credit score, the company can request a deposit or even deny service.

Recommended: Understanding Credit Score Rating Scales

Insurance Companies

Insurance companies have permission to review an applicant’s credit information. Note that companies must also comply with state laws as they use the credit data to underwrite policies.

Landlords

The Federal Trade Commission notes that landlords have the right to review consumer credit reports when someone applies to rent from them or renews a lease. A landlord must certify to the credit bureau (such as Equifax, Experian, or TransUnion) that they will only use this information for rental purposes.

Employers

A potential employer can check an applicant’s credit report, although the company must give the applicant notice of their intent and get written permission. State laws vary regarding an employer’s ability to use this information as part of a hiring decision.

When Is It Legal To Run a Credit Report on Someone?

There are a handful of legal reasons to run a credit report on someone.

Permissible Purpose

This umbrella term used in the FCRA describes when a credit reporting agency can provide a credit report.

Proxy Ordering

“Proxy” is a legal term for someone with the authority to represent someone else. The only instance that isn’t proxy ordering is when a consumer requests their own credit report.

To pull your report, a proxy will need to get answers to questions that only you should know — information that comes directly from your credit report. This provides an extra layer of protection to ensure that your permission is freely being given.

Deceased Spouse

An individual can send a letter to a credit agency requesting the credit report of a deceased spouse. The surviving spouse will need to provide information about both parties so that the agency can verify identities and ensure that it’s OK to provide the credit report.

During Mortgage Underwriting

The FCRA notes that a financial institution can obtain a credit report for “extending, reviewing, and collecting credit.” This applies to mortgage underwriting as well as other types of loans.

Screening Job Applicants

With permission, an employer can request and review a credit report for the purpose of “evaluating a consumer for employment, promotion, reassignment or retention as an employee.”

During Insurance Underwriting

An insurance company can check a person’s credit report, with permission, as part of the underwriting process for a policy. The FCRA delves into specifics for different types of insurance: life, health, homeowners, etc.

Recommended: Does Net Worth Include Home Equity

Evaluating Prospective Tenants

The FCRA states that a potential landlord can pull a credit report with the prospective tenant’s permission.

Court-Appointed Guardians

Court-appointed guardians can request a copy of their ward’s credit report by mail. They must provide information about themselves as well as the ward.

What To Do if Someone Pulls Your Credit Without Permission

Contact the organization that pulled your credit to rule out that it was done in error. Then contact the three credit bureaus and request that any hard credit inquiries be deleted from your credit report.

You can also submit a complaint to the Consumer Financial Protection Bureau (visit https://www.consumerfinance.gov/complaint/) and ask for any problems associated with the inquiry to be resolved.

Who Can Check Your Credit Without Permission?

Government agencies may check your credit report to process an application for a license, to determine if you qualify for public assistance, or to calculate what a person can pay in child support, among other reasons.

If you already receive credit from a company, it may periodically check your credit report. Language giving them permission is likely in their terms and conditions. Debt collectors may also get access to information on credit reports.

How To Know if Your Credit Was Checked

All hard inquiries will appear on your credit report for two years, so you can find the information there. Soft checks may or may not appear. Each year, you can get a free copy of your credit report — and find out your credit score for free — via AnnualCreditReport.com.

If you’re concerned about credit checks, consider signing up for a credit monitoring service. What qualifies as credit monitoring varies from service to service; look for one that sends out alerts for new hard inquiries.

Recommended: What Is a Tri-Merge Credit Report?

How a Credit Check Affects Your Credit Score

A soft inquiry will not hurt your credit score even if it appears on your report. A hard inquiry can lower the score by up to five points. Although the inquiry will remain on your credit report for two years, it will stop affecting your credit score after 12 months. Applying for several credit accounts in a relatively short amount of time may pose a greater risk. (Find out more about what affects your credit score.)

Recommended: What is The Difference Between Transunion and Equifax

Can You Stop Someone From Getting Your Credit Report?

You can freeze your credit at all three bureaus, which will prevent them from sharing information with businesses that make inquiries. However, if you want to apply for a loan or otherwise conduct a transaction that requires a credit check, you will need to unfreeze your credit.

The Takeaway

The Fair Credit Reporting Act (FCRA) provides legal guidelines on who can and can’t check consumer credit reports. Certain individuals can check your credit with your permission, including landlords and employers. Banks, insurers, lenders, and utility companies may also pull a credit report if you’ve applied for credit or service with them. In some circumstances, government agencies may request your credit report without your permission. In general, an average citizen cannot check someone else’s credit report unless they are serving as a legal proxy.

The SoFi Relay money tracker app makes it easy to manage your money. Benefit from spending breakdowns, free credit monitoring, financial insights, and much more — all in one place.

Know where you stand, what you spend, and how to hit financial goals.

FAQ

Can I sue for an unauthorized credit check?

Consult an attorney to discuss potential legal remedies. If you discover that your credit was run inappropriately without your permission, contact all three credit bureaus to ask them to remove the inquiry so that it doesn’t harm your credit score. You can also file a complaint with the Consumer Financial Protection Bureau at https://www.consumerfinance.gov/complaint/

What is a violation of the Fair Credit Reporting Act?

There are multiple types of FCRA violations. They include instances when a credit bureau provides your information to someone who is not authorized to receive it, didn’t demonstrate a valid need for the data, or didn’t get your written permission in advance.

How do I find out who ran my credit?

You can get a free copy of your credit report from each of the three bureaus annually at AnnualCreditReport.com. Your credit report lists all hard credit inquiries from the past two years, and potentially some soft inquiries.

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Photo credit: iStock/vitapix

SoFi’s Insights tool offers users the ability to connect both in-house accounts and external accounts using Plaid, Inc’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score provided to you is a Vantage Score® based on TransUnion™ (the “Processing Agent”) data.
*Terms and conditions apply. (Must click on the link to be eligible.) This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the Rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed into SoFi accounts such as cash in SoFi Checking and Savings or loan balances, Stock Bits, fractional shares and cryptocurrency subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s
website .
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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