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A trust can simplify the transfer of what is often a person’s most valuable asset: their real estate. It can keep a home out of the probate process and allow it to become the property of loved ones or a charity upon the homeowner’s death.
For many households, home equity represents their largest financial asset, and it has burgeoned. U.S. homeowners with mortgages saw their equity increase by $281.9 billion at the end of 2024 compared with a year before, according to CoreLogic, a provider of property insights.

Here, a closer look at protecting assets by putting a house into a trust.

Why Put a House in a Trust?

There are two main reasons: avoiding the probate process and protecting your property if you become incapacitated.

Put simply, probate is a court review of a deceased person’s will and assets. This involves resolving any claims against the estate, paying remaining debts, and distributing the decedent’s assets to their designated heirs.

Probate can be a lengthy and costly process. In the absence of a will, the probate court divides the estate according to the state’s succession laws. These proceedings often require hearings and a variety of legal and court fees, which can significantly chip away at the estate before it reaches the heirs.

Even with a will in place, probate is often necessary for your heirs to have the right to carry out your will. Things can become further complicated if the estate includes property in multiple states or the will is contested.

Putting property in trust can avoid probate altogether. A trust designates a successor trustee to manage the estate, as well as beneficiaries to receive assets, after your death. The trust can include clear instructions and conditions for allocating assets. This can help reduce the time and cost to pass your home to your heirs.

It’s also worth noting that trusts can safeguard assets if you become incapacitated and are unable to care for yourself. A trust can be created to take effect in this situation, thus allowing a family member or loved one to manage your estate and assets in your best interests. If you recover, you can resume the role of trustee for the estate.

Recommended: What Is a Trust Fund?

Do You Need a Trust If You Have a Will?

Only one in four U.S. adults has a will, according to one recent report. And even if you have created one, you may wonder whether you are handling your assets properly. For instance, you may ask yourself, “Should I put my house in a trust?” The answer will depend on your own financial goals and the needs of your heirs.

Whom you intend to inherit your house is an important factor to consider. Federal estate and gift tax law permits the transfer of a house and other wealth to a spouse without tax liabilities. However, passing on a house to children or relatives of a subsequent generation can be more complex.

A trust goes into effect once you sign it and is generally more difficult to challenge than a will. Placing a house in a trust also avoids the probate process — it’s not uncommon for the courts to take months or a year to settle a will, especially for larger estates.

Wills and trusts can be complementary tools for estate planning. For instance, a will can take care of smaller assets like family heirlooms that aren’t covered by the trust. Also, wills can be structured to move assets into a trust when you die.

Types of Trusts for Estate Planning

There are multiple options available for putting your house in a trust. It’s important to consider financial goals, your beneficiaries’ needs, and creditor concerns when creating a trust.

Here’s an overview of common types of trusts, including how they work for passing on a house or other property. The basic kinds are revocable and irrevocable and they are typically part of an estate planning checklist.

Revocable Trust

Also known as a living trust, a revocable trust gives grantors more control in the management of their assets while alive. They’re still responsible for tax payments and reporting on investment returns.

If desired, a grantor can make changes or dissolve a revocable trust after it’s created. Getting remarried or buying a home could be possible reasons for altering a revocable trust.

Usually, the grantor (establisher) serves as the trustee (manager for beneficiaries), and a named successor only takes control if that person dies or becomes incapacitated.

A revocable trust becomes irrevocable upon the grantor’s death. A revocable trust does not protect a house and other assets from creditors while the grantor is alive.

Irrevocable Trust

An irrevocable trust differs in that it can’t be modified by the grantor without the approval of all beneficiaries. You effectively give up control and ownership of any assets placed in an irrevocable trust.

So why put your house in a trust with such rigid conditions? Irrevocable trusts can offer greater security for beneficiaries and render assets untouchable to creditors. Plus, you’re not subject to estate taxes because the assets are no longer yours.

Before permanently forfeiting assets to an irrevocable trust, it could be beneficial to consult a lawyer or find a financial planner.

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Other Types of Trusts

Aside from the two broad categories of trusts, there are more specialized options to address specific needs. Here are some additional types of trusts to consider.

• Charitable Trust: This type of trust transfers assets to a designated nonprofit organization or charity upon the grantor’s death. A charitable trust can be housed within a standard trust to allocate a portion of assets to a nonprofit while leaving the rest for family members or other heirs.

• Testamentary Trust: A trust can be created within a will, often for minors, with defined terms that take effect after your death. This is a type of revocable trust, as changes can be made up until death. It’s worth noting that a testamentary trust does not avoid probate court. The executor will probate the will and then create the trust.

• Generation-Skipping Trust: Instead of passing on a house to your children, you can use a generation-skipping trust to transfer assets to your grandchildren. This is more common for estates that exceed the federal estate tax threshold ($13.99 million in 2025) to avoid some estate tax payments down the line.

• Spendthrift Trust: If you’re concerned about how your beneficiaries will manage their inheritance, you can use a spendthrift trust to set stricter terms. For example, you could define a date or age when beneficiaries gain access to certain assets.

💡 Quick Tip: There are two basic types of mortgage refinancing: cash-out and rate-and-term. A cash-out refinance loan means getting a larger loan than what you currently owe, while a rate-and-term refinance replaces your existing mortgage with a new one with different terms.

Should I Put My House in a Trust?

It’s important to understand the implications of having a house in trust before making a binding decision. Here, the main advantages and drawbacks.

Benefits of a Trust

Bypassing the hassle, delays, and costs associated with probate is a leading reason for using a trust.

Probate expenses can vary by location and the size of the estate but traditionally include legal fees, executor fees, appraisal fees, and other administrative costs. While probate costs will vary depending on the size of the estate and the state you live in, they can often be 3% to 7% of the estate or more.

You may also want to avoid probate to keep the details of your estate private. Probate is a public process that can reveal your estate’s worth and chosen beneficiaries.

Trusts are also useful tools for providing a financial safety net for children in the unexpected event that both parents die. A trustee manages the assets on behalf of any minor beneficiaries. Terms can be set to transfer control of assets held in the trust to children when they reach a certain age.

Putting certain assets in a trust could help some seniors qualify for Medicaid. If you’re 65 or older, your home and furnishings are usually exempt from the asset limit to qualify, but the threshold is low: around $2,000 in most states.

Disadvantages of a Trust

Setting up a trust can be complex. There are usually more costs in creating a trust than a will.

With a revocable trust, you need to track income from assets held in the trust to report on your personal tax returns. If you designate a third-party trustee to manage the trust, maintenance costs could add up over time.

And if you put just your home in a trust, your other assets will still be subject to the probate process.

When a house is the only large asset, buying a house from a family member is a possible alternative. Though this can be contentious among relatives, it’s another option to pass on a valuable asset to the family while providing some financial security.

The Takeaway

Estate planning isn’t always easy. Putting your house in a trust is one strategy to reduce the time and costs associated with inheritance. Probate costs can eat up 3% to 7% of an estate, and putting assets into a trust can help avoid that. Even if you put a house in a trust, however, you are still liable for any mortgage payments due, which you may be able to lower via refinancing.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

FAQ

What are the disadvantages to putting your house in a trust?

There are some disadvantages to putting your home in a trust. Getting the trust set up and making sure it is being properly maintained can be expensive and complicated. With a trust, you will lose some control over your home, even with a revocable trust, but especially with an irrevocable one. And putting your home in a trust won’t prevent the rest of your estate from going through probate.

Can I put my house in a trust if it’s not paid off?

Yes, you can put your house in a trust even if you still have a balance on the mortgage. However, there is a specific process you’ll need to follow, and you will probably need to get permission from your lender. Your mortgage may have a “due on sale” clause, which means that the lender will ask you for full payment when you transfer the house’s title, so working with your lender may also help you avoid that. After that, you’ll have to transfer the title of the home to the trust and figure out how to manage insurance and any other liabilities.

Why do people put their house in a trust?

Often, people put their house in a trust to avoid the time and expense of having the home go through probate after their death. A trust can also help ensure continuity of the management of your house if you become incapacitated since your successor trustee would take over the management as needed.

Photo credit: iStock/BrianAJackson

SOHL-Q225-174

You may not think about a door’s looks and functionality until something goes awry, like a crack or dent appearing or paint flaking off. Then, you realize what an important element of your living space doors can be, providing interior details as well as privacy and soundproofing. If you need to replace a door, either because it’s dated or damaged, you’ll likely have to spend at least a couple hundred dollars for a basic model. Some options, like a custom wood French door with frosted glass, could cost thousands.

Read on to learn more about the process and price of updating your interior doors.

What Are the Different Types of Interior Doors?

Interior doors come in many styles and price points. Here’s a look at some of the most popular options, plus current estimated costs (including materials, labor, and equipment) pulled from Angi and HomeGuide.

•   Traditional Standard doors, such as a bedroom door, swing in or out to open and close. This type of door can be either hollow core, solid composite, or solid wood.

   Cost to replace: $50 to $600.

•   Pocket These space-saving doors slide into the wall when they’re open. Pocket doors hang from the top and slide along a track mounted in a space inside the wall and across the top of the door opening.

•   French The door with a certain je ne sais quoi, French doors can be either single or paired, and can have either a full (single) glass pane or a number of divided panes. French doors are often used as exterior doors to porches or patios, but they can also be a great way to let light diffuse inside a home.

   Cost to replace: $200 to $4,000

•   Sliding A cousin to the pocket door, sliding doors save space by sliding in tracks at the top and bottom of the door frame. Unlike a pocket door, however, they don’t disappear into the wall. Glass sliding doors are typically used as exterior doors to a patio or deck, but can be used indoors to separate rooms while maintaining visibility between them.

   Cost to replace: $400 to $4,500

•   Bifold Also called folding doors or concertina doors, bifolds are made of panels that fold next to each other when opened, sliding on tracks both on top of and below the door. Single bifold doors are sometimes used as doors to your home’s closets, and a pair of bifold doors might divide a large room.

   Cost to replace: $35 to $70

•   Barn A sliding barn door in the home takes rustic farmhouse trends to the next level. These doors slide on a track mounted on the wall above the door. Barn doors have a low profile, as they do not swing out.

   Cost to replace: $150 to $4,000

•   Saloon Head straight to the wild west with these doors. Sometimes called cafe doors, saloon doors hang on a pivot hinge, meaning they can easily swing in and out with a nudge. Because they swing in both directions, they’re commonly used as kitchen doors or in cafes where traffic goes both in and out.

   Cost to replace: $100 to $500

•   Murphy You may have encountered a Murphy door before without even knowing it. Often custom made, Murphy doors are typically bookcases that swing out, turning a door into storage space.

   Cost to replace: $700 to $2,500

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Signs You May Need New Interior Doors

Interior doors in a home can take quite a beating. They’re slammed and scuffed. Paint can flake and chip; doorknobs and hinges can give out. Depending on their quality and age, there’s a chance your doors may simply have seen better days.

If these signs sound familiar, it may be time to buy some new doors for your home:

1.    The door is stuck and has trouble staying open or closed. The more someone struggles to open and close a door that doesn’t budge, the more damage they’ll do. If a door’s always sticking or never manages to stay closed, it may be time to replace it.

2.    The door is warped or cracked. Age will affect the quality of any door, and if the frame or hinges are visibly cracked or peeling, it’s time to think about replacing them.

3.    The door’s style is dated. If your kitchen’s classic saloon-style doors feel decidedly old school — not in a good way — it might be time to consider replacing them. Even if they still work, dated styles can negatively impact a home’s value at the time of sale.

Depending on the style of door and the complexity of the installation, swapping out an interior door can cost anywhere between $150 to $2,600. A good portion of the cost is professional labor.

While hanging a door might sound simple, doing it wrong can lead to improper closure or a door that just won’t close at all, which leaves you back at the drawing board. It could be worth asking for estimates from a few professional contractors if you decide to replace several interior doors at once.

A door can make an impression — good or bad — when someone enters a room. That first impression might become very important when considering home value. This kind of home improvement project could pay off when you eventually sell your home.

Recommended: Tips for Maintaining the Value of Your Home

DIY Ways to Update Your Interior Doors

Replacing interior doors altogether can be expensive and is not always necessary. If your door is in good shape, an inexpensive DIY can update your interior doors to look more modern or trendy.

Here are some interior door upgrades you might consider before ditching a door altogether.

•   Swapping out door knobs and hardware Sometimes dated brass or an ornate finish might make a standard swing door feel out of place. For between $75 and $150, you can update a door’s knobs and hinges.

•   Trying a new hue A fresh coat of paint might transform a door’s entire vibe. Instead of a standard white, you might opt for a neutral shade, make a statement with a black door, or choose a rich, deep tone that complements other colors in your home. You can even switch things up by painting the frame and the door different colors. Although you have to remove the door from its frame, this project is DIYable and can typically be done within a day or two.

•   Updating hollow core doors Hollow core doors are the standard type of door installed in many homes when they’re built. It’s a swing door with a flat surface. These are basic doors that can be a blank slate for your personal taste. For example, you might use molding and beadboard panels to create a paneled look on standard doors. This can make a builder-grade, hollow-core door look custom-made. This DIY project is a small investment for a big payoff.

If you don’t have enough cash on hand to cover the cost of upgrading your doors (or any other part of your home), you might consider using a home improvement loan for financing. This is an unsecured loan that can be used for virtually any purpose, including a home renovation or upgrade.

Once approved, you get a lump sum of cash up front you then pay back (plus interest) in monthly installments over time. For this kind of personal loan, rates are typically fixed and lower than credit cards.

Recommended: What Are the Most Common Home Repair Costs?

The Takeaway

Doors inside your home don’t just provide privacy, they’re a decorative feature of the property that can enhance its style. If your interior doors are in poor shape, replacing and updating them could help increase the value of your home, making the upgrade well worth the upfront outlay of money. Prices for this home upgrade can start at just a couple of hundred dollars and go into the thousands, depending on the details. If you need help financing this home improvement, a personal loan could be a good move.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

Is updating interior doors worth it?

Each homeowner’s situation is unique, but it can be worthwhile to update interior doors. It can enhance soundproofing, improve the look of your home, and add to your property value.

What interior door styles are timeless?

When it comes to timelessness, simplicity is often best. Shaker-style doors can work well, and many people like the appeal of classic French doors.

How much does it cost to update interior doors?

There’s a wide range of costs to update an interior door. The door itself could cost from a couple of hundred dollars to a couple of thousand dollars (most basic models will be between $200 and $600), and installation can add $200 to $1,800.

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOPL-Q225-056

It’s estimated that close to $100 million in scholarships go unclaimed each year and $2 billion in student grants go unclaimed. Typically, the money is not awarded due to lack of applicants. This is good news for students — as those that are willing to put in the time to search for scholarships and grants should be able to find at least a few to help pay their way through college.

The beauty of scholarships and grants is that you almost never need to pay them back. Who doesn’t love gifts? But acquiring them will take at least a little effort.

Keep reading to learn more on unclaimed scholarships and grants, including where to find them, types of aid you may qualify for, and why so many scholarships go unclaimed each year.

Where to Find Unclaimed Scholarships

You don’t have to be a 4.0 student or a star athlete to receive scholarships. In fact, the average high school student is eligible for 50-100 different types of scholarships each year. But, scholarships aren’t just going to come to you. You have to be the one to put in the work to find scholarships you qualify for and apply for them.

One of the best ways to find scholarships you are eligible for is through a scholarship search. Scholarship searches are offered by a variety of companies and allow you to filter the scholarships based on your specific qualifications, including your state, area of study, background, ethnicity, and more. Scholarship searches are one of the quickest ways to find quality scholarships throughout the country.

Other ways to find unclaimed scholarships include asking your specific college or university what they offer, using the library’s recommendation section, reaching out to businesses in your field of study, speaking to your high school counselor, and asking religious organizations if they offer scholarships.

Regardless of which methods you use to find scholarships nobody applies for, the reality is they are out there waiting for students to apply for and claim them.

Recommended: Search Grants and Scholarships by State

Two Types of Aid of Financial Aid

Financial aid can be need-based or merit-based.

Need-Based Aid

Federal need-based aid is determined by the Student Aid Index, or SAI (formerly called the Expected Family Contribution, or EFC) as calculated by the Free Application for Federal Student Aid (FAFSA®).

The Pell Grant, the Department of Education’s biggest grant program, is geared toward students who demonstrate significant financial need, but the total cost of attendance at a particular college also plays a role. The maximum Pell Grant amount for the 2025-26 academic year is $7,395.

Any student who could use college financial aid has nothing to lose by filling out the FAFSA. And even if you are not eligible for federal aid, realize that most states and schools use FAFSA information to award nonfederal aid, too.

One way to find nonfederal financial aid is to fill out the CSS Profile, which determines eligibility for institutional awards and grants. The CSS Profile awards billions in nonfederal aid to college students each year and can be a great way to find unclaimed scholarships.

While scholarships and grants are ideal because they do not need to be repaid, many students may still need to explore federal loan options, such as an unsubsidized loan, to cover remaining college expenses. Unlike scholarships, loans must be repaid with interest, so it’s important to understand all your options before borrowing.

Recommended: How to Complete the FAFSA

Merit Aid

Merit scholarships are not based on financial need. They are awarded by colleges, employers, individuals, businesses, nonprofits, states, religious groups, and professional or social organizations to students who demonstrate academic or athletic achievement. While many people are aware of this, merit aid can also be based on other factors. These may include community involvement, dedication to a particular field of study, race, gender, teacher recommendations, and more.

So who is the biggest source of “free money?” Colleges, according to a recent College Board Trends in Student Aid Report. The U.S. Department of Education awards $46 billion annually in scholarships, and thanks to competition to attract students, nearly every college and university in the country offers merit-based aid in some form.

To find unclaimed scholarships, you could start by thinking about all the ways you have, well, merit — making lists of opportunities and eligibility criteria, and pursuing only the scholarships you’re best qualified for.

Why Would Any Scholarships Go Unclaimed?

So is it true there are obscure scholarships left unclaimed? There is no database that can give precise answers, but it makes sense that when specific parameters exist around a particular scholarship, fewer students will qualify.

For example, scholarships exist for North Korean refugees who are permanently living in the United States. Applicants must have been born in North Korea or the child of someone born in North Korea.

Let’s say you don’t fit those parameters. Other unusual opportunities include the following:

•   If you dazzle your friends with your ability to make prom outfits using only duct tape, then you could win a $15,000 Stuck at Prom scholarship. Seriously.

•   Or maybe you have the best plan ever to survive the zombie apocalypse. If so, you could apply for the Zombie Apocalypse Scholarship offered by Unigo ($2,000).

•   If you live in the Phoenix area and you’re a tall graduating senior, you could be interviewed and measured for the chance to gain all of $250 through the CATS Tall Club program.

While you may not qualify for any of the above-mentioned scholarships, these are just examples of how many are actually out there. You may be surprised at what you find (and what you do actually qualify for!) when conducting your search.

Recommended: Scholarship Opportunities for High School Seniors

Keeping an Eye Out for Scholarship Scams

Plenty of scholarship and grant money for college is out there waiting to be claimed. Unfortunately, though, there are also financial aid scams, including scholarships that aren’t legitimate. The Department of Education offers tips to protect yourself, including:

•   Know that you don’t need to pay to find scholarships or any other form of financial aid.

•   Check information about scholarship offers at a public library and/or online.

•   Talk to the financial aid department at your college of choice to verify legitimacy.

Also, before students begin a search, they may want to be aware of “scholarships” that are actually sweepstakes because their information may be sold to third parties.

The Takeaway

Finding unclaimed scholarships and grants is the ideal way to fund college because this money does not need to be repaid. To cover all the expenses of college, however, many students will then need to take out federal and/or private student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

Where can students find unclaimed scholarships?

Students can discover unclaimed scholarships by using scholarship search engines, consulting with their college’s financial aid office, checking with local businesses and organizations, and reaching out to religious or community groups.

Why do some scholarships go unclaimed?

Some scholarships go unclaimed due to highly specific eligibility criteria, lack of awareness among potential applicants, or misconceptions about the application process.

How much scholarship and grant money goes unclaimed each year?

Approximately $100 million in scholarships and $2 billion in student grants go unclaimed annually, often due to a lack of applicants.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOISL-Q225-055

Whether your living room is looking dated, cramped, cluttered, or is simply no longer working well for you and your family, there are makeover options for every taste and budget. Also keep in mind that living room remodels can happen in various stages — they don’t have to be all or nothing. Even simple, affordable updates like new lighting, paint, or flooring, can have a big impact on the look and feel of a living room.

Whether you have the budget for a total overhaul or you’re just looking for a quick and affordable update, here are some living room remodel ideas to consider.

Living Room Remodel Ideas: Top Elements To Change

Ready for a new living room look? These are the features to think about.

Layout

Effective use of space makes a room feel comfortable and inviting. If your living room seems underused, perhaps changing the layout will make family and friends want to hang out in it more often.

For someone moving into a new home and starting with a blank space, looking first at the layout of the room is a good starting point. Where do you enter the room? Where does your focus go first? Are the windows situated for convenient placement of furnishings?

If you’re currently living in the home, but the living room just isn’t functional, look at the layout in terms of what can be easily changed.

What in the room do you regularly use, e.g., couch or closets? Where do piles tend to accumulate? Do the windows cause a glare on the television? Is your furniture arranged to allow for good traffic flow and good conversation? The more effortlessly the room setup can support your daily movements, the better.

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Windows

Windows not only let light in, they affect our perception of how large, open, and welcoming a space is. Replacing them can be pricey, but might increase a home’s value and can generate energy savings: On average, 25% to 30% of a home’s energy use is due to heat gained or lost through the windows.

If the window itself is fine but the aesthetic is not, new window trim or window treatments can make a world of difference. Painting dark-stained trim in a shade of white can make a space feel lighter, brighter, and more modern.

Updating window treatments with ceiling to floor length curtains adds drama and interest, while Roman shades that fit inside the window casing keep things unobtrusive while still adding texture and privacy.

Recommended: How Much Does It Cost to Replace Windows?

Lighting

Lighting is functional, of course, but it can also be an aesthetic choice. Think about taking a picture indoors with or without a flash: Room lighting has that same sort of visual resonance, affecting how the other elements of the room appear and how you feel in the space.

In choosing lighting for your living room remodel, consider if you want the fixture to disappear, as with recessed lighting, or be a visual focal point. How bright or dim, warm or cool do you want your light levels? Where in the room will you need the most light? And adding dimmer switches to any lighting setup gives you loads of control.

Ceiling

Like the sky outside, what’s hanging above our heads indoors dramatically affects how we feel in a space. If you have a textured or popcorn ceiling, refinishing it to be smooth can instantly brighten and update your living room. It’s a messy DIY project, but one experienced painters or contractors can do while keeping the mess to a minimum.

If the ceiling would benefit from a new coat of paint, veering from the standard white might give the room a stylish quality. Light hues can create the illusion of a taller space, while something a little darker can evoke coziness.

Recommended: Beginner’s Guide to a Bedroom Remodel

Flooring

Along with layout and paint, flooring has perhaps the biggest impact on a room. It’s a large, dominant, visual element that affects how sound echoes in the room or carries beyond it, how much light reflects into the room, and how much dirt shows up.

When buying a new home, it’s a good idea to check what’s under the carpet. You might find lovely hardwood floors in pristine condition — or a mess of a subfloor. Knowing what you will have before signing the mortgage agreement will allow you to make a plan for any needed renovations. For a quick change, don’t underestimate a simple area rug.

Recommended: Four Ways to Upgrade Your Home

Molding

Molding hits the sweet spot of a decorative finish that feels structural. The trim around windows and doors, crown molding and baseboards, picture and knee rails — all inform the character of a space and add visual interest and structure. In particular, if things feel blank or sterile, adding decorative trim can make a space a little more impressive.

Paint

Fresh paint works wonders. Even if you don’t have time or budget for anything else, reimagine the wall color. Samples painted on the wall will show how the room’s light will affect the paint. Many paint brands now also offer virtual ways to “paint” your room.

Just as a room’s lighting can affect your mood, paint color has an effect on one’s psyche, too. For instance, the color blue has been shown to have a calming effect, while red has a stimulating effect and can create feelings of excitement or even stress in some people.

Furniture and Decoration

You can replace it, move it, or just pull it from another room. Alone or in conjunction with other major changes, furniture and decor can have a major effect on the finished space — and keeping layout top-of-mind when selecting furniture will help make sure it’s the right stuff for the space.

Using online room planners or going old school with graph paper to map out, to scale, what will go where is a good way to experiment without the heavy lifting.

When you’re ready to make changes (which can enhance your home’s value if you are planning on selling soon), it’s wise to develop a budget. If you don’t have funds saved to finance your remodel, you might consider a personal loan vs. using your credit cards. You may find a more favorable interest rate and save money over the long run with one of these home improvement loans.

Recommended: How to Apply for a Personal Loan

What Color Should You Paint Your House Quiz

Recommended: Guide to Buying, Selling, and Updating Your Home

The Takeaway

When your living room is feeling outdated, looking worn, or isn’t working well for your household, it could be time for a remodel. Changing the paint color, lighting, floors, and furnishings can make it more comfortable and functional. It can also make your home show better if you are planning on selling. To finance your living room remodel, you might consider a home improvement loan, a form of personal loan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

How often should you change your living room?

The living room tends to be the hub of your household’s social life, and it can get a lot of wear and tear. Design pros suggest updating it every three to five years to keep it looking fresh and working well for your family.

How much does it cost to redo a living room?

Remodeling a living room can cost from $2,500 to $15,000, according to Angi, depending on the extent and specifics of your renovation. If you are just repainting one wall and adding some new throw pillows, it can be at the less expensive end of the range. If you are buying all new furniture, window treatments, and lighting, as well as refinishing the floors and adding wallpaper, it can cost significantly more.

What are some key areas of a living room in a remodel?

Key areas of a living room remodel can include furniture, lighting, floors, walls, and window treatments. Accessories are also part of the overall look and feel of a living room.

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Your credit report is an important document: It contains an in-depth record of how you’ve used credit in the past, and it can have a big impact on your life.

For example, when you apply for a loan, lenders usually check your credit report. That information contributes to their decision on whether to lend to you, as well as what interest rate to charge.

You might also have your credit checked by potential employers or when you are applying to get a mobile phone, rent a home, or perhaps connect some utilities.

Since credit reports can be so critical to many aspects of your life, it’s important that they be accurate. Unfortunately, these reports can have more errors than you may realize. An April 2024 Consumer Reports study found that 44% percent of people had errors on their credit reports. These mistakes ranged from relatively minor (like a typo in their name or address) to more significant (such as incorrect debt information that could be unfairly lowering their scores).

With that in mind, read on to learn how you can check your report and work to correct any errors you might find.

Getting a Credit Report

Like going in for a check-up once a year can benefit your physical health, regular credit report check-ups can benefit your financial health.

You can order a free credit report from each of the three major credit bureaus (Equifax®, Experian®, and TransUnion®) as often as weekly at AnnualCreditReport.com, a site run by the government. It’s a good idea to take advantage of this service, and to look over your reports at least annually.

Checking your credit report regularly can also make it easier to notice when the numbers look off or if something’s amiss. This could help you catch fraudulent activity.

Scanning a Credit Report

The best way to find an error in a credit report is to read through it thoroughly.

The Consumer Financial Protection Bureau (CFPB) recommends making sure that the following information is accurate:

•   Name

•   Social Security number

•   Current address

•   Current phone number

•   Previous addresses

•   Employment history (names, dates, locations)

•   Current bank accounts open

•   Bank account balances

•   Joint accounts

•   Accounts closed.

If any of the above is incorrect, the report has an error that you may want to dispute.

Common Credit Report Errors

While there are any number of errors that could crop up on a credit report, some are more likely than others. According to the CFPB, these are among the most common:

•  Typos or wrong information: In the personal information section, names could be misspelled, or addresses could just be plain wrong.

•  A similar name is assigned to your report: Instead of a typo, the credit report might be pulling in accounts and information of a person with a similar name to yours.

•  Wrong accounts: If an account is in your name but unfamiliar to you, this could be evidence of identity theft.

•  Closed accounts are still open: You may have closed a credit card recently, but the report shows it as still open.

•  You’re reported as the owner of the account, when you’re just an authorized user: If you’re simply an authorized user on a credit card, your credit report should reflect that.

•  False late payment: A credit report might show a late or delinquent payment when the account was paid on time.

•  Duplicate debts or accounts: Listing an account twice could make it look like more debt is owed, resulting in an incorrect credit report.

•  Incorrect balances: Account balances might show incorrect amounts.

•  Wrong credit limits: Misreported limits on credit card accounts can impact a credit score, even if they’re only off by a few hundred dollars.

How to Report an Error

Errors on credit reports don’t typically fix themselves. Account owners often have to be the ones to bring the error to the credit bureau’s attention.

Here are steps to take if you find an error in one of your reports.

1. Confirm the error is present on other credit reports.

Credit scores may vary across credit reporting bureaus, but all the core information should be the same. That means if there’s an error on one, it’s best to check if it’s on the other two. You can order free reports from all three bureaus from AnnualCreditReport.com and check each report against the others.

2. Gathering evidence.

To prove an element of the credit report is wrong, there needs to be evidence to the contrary. That means you’ll want to collect supporting documentation that shows the report has an error, whether that’s a recent account statement, ID, or a loan document. Having this documentation on hand can make the process move faster.

3. Report the error to the credit reporting company.

To resolve the error, you’ll want to file a formal dispute with the credit reporting company. You can contact them by mail, phone, or online. The CFPB offers more details on how to file a dispute.

Be sure to include all documentation of the error, in addition to proper identification.

Here’s how to contact each credit reporting company:

Equifax

Online: Equifax.com

Mail:

Equifax Information Services LLC
P.O. Box 740256
Atlanta, GA 30374

Phone: (888) 378-4329)

Experian

Online: Experian.com

Mail:

Experian
P.O. Box 4500
Allen, TX 75013

Phone: (855) 414-6048

Transunion

Online: Transunion.com

Mail:

TransUnion Consumer Solutions
PO Box 2000
Chester, PA 19016

Phone: (800) 916-8800

4. Contact the furnisher (if applicable).

A furnisher is a company that gives the credit reporting bureau information for the report. If the report’s mistake is an error from a bank or credit card company, you can also reach out to the furnisher to amend its mistake. You can contact the company through the mail (the address can be found on the credit report), or reach out to customer service by phone or online.

If the furnisher corrects the mistake, it could, in turn, update the credit report. But to play it safe, reach out to both parties.

5. Reach out to the FTC to report identity theft (if applicable).

If you notice an error that suggests identity theft (such as unknown accounts or unfamiliar debt), it’s a good idea to sign up with the Federal Trade Commission’s (FTC’s) IdentityTheft.gov site in addition to alerting the credit bureaus. The FTC’s tool can help you create a recovery plan and figure out the next steps.

6. Sit tight and wait for a response.

Once you send a credit dispute to a bureau or furnisher, you can expect to hear back within 30 days, typically by mail.

When a credit bureau receives a dispute, they have one of two choices: agree or disagree. If the bureau agrees, they will correct the error and send a new credit report.

If the bureau disagrees and doesn’t believe there’s an error, they won’t remove it from the report. In some cases, they may not agree there’s an error because there’s a delay in information getting to them. For example, a recently canceled credit card might not show up as canceled in their records yet. Changes like that might take some time.

However, if you’re confident of the error and a credit bureau doesn’t agree, that’s not your last stop.

You can also reach out to the CFPB to file an official complaint . The complaint should include all documentation of the dispute. Once the CFPB receives the complaint, you can keep track of its progress on the organization’s website.

The Takeaway

Checking your credit reports can help you ensure that the information used to calculate your credit scores is accurate and up to date. It can also tip you off to fraud or identity theft.
It’s easy and free to gain access to your credit reports from the three major bureaus. Taking advantage of this service (and reporting any errors you may come across) can be key to maintaining good credit, and good overall financial health.

Another way to maintain good financial health is to pay your bills on time (which adds positive information to your credit reports), and to keep track of your spending. The right banking partner can help with both.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

What are common errors on a credit report?

Common errors on credit reports include incorrect personal information (such as addresses or Social Security numbers), accounts that don’t belong to you, late payments that were actually on time, and incorrect credit limits or balances. Errors can also include closed accounts listed as open and duplicate entries.
These mistakes can negatively impact your credit, so it’s important to review your report regularly and dispute any inaccuracies.

Do you have rights when your credit report is wrong?

Yes, you have rights when your credit report is wrong. Under the Fair Credit Reporting Act, you can dispute inaccuracies with the relevant credit bureau(s). The bureau must investigate your dispute, forward the dispute and all relevant information you provided to the company that provided the information about you, and report the results back to you.

How to fix credit report errors fast?

To fix credit report errors quickly, start by obtaining a free copy of your report from all three major credit bureaus. Identify the errors and gather documentation to support your dispute. Submit a formal dispute using the credit bureaus’ online dispute systems for faster processing. It’s also a good idea to send a formal dispute letter to the company that furnished the incorrect information. Follow up with both the credit bureaus and the company to make sure your dispute gets resolved.

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Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

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