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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 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 quite important that they be accurate.
Unfortunately, these reports can have more errors than you may realize. According to the Consumer Financial Protection Bureau (CFPB), one in five people have an error on at least one of their credit reports. Even minor issues could impact your score and have a ripple effect on your financial life.

So, 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.

Everyone is entitled to see their credit reports for free once a year at the government-mandated
AnnualCreditReport.com site.

It’s a good idea to take full advantage of this service, and to look over your reports from the three major credit reporting bureaus 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.

Recommended: What’s the Difference Between a Soft and Hard Credit Check?

Scanning a Credit Report

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

The 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 proof of identity theft.

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

•  Being labeled “owner” instead of a user on a joint account. If you’re simply an authorized user on a joint account or 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. Confirming 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 that it’s on the other two. You can order free reports from all three bureaus–Experian, Equifax, and TransUnion–from the free Annual Report Site , 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 bank statement, ID, or a loan document. Having this documentation on hand can make the process move faster.

3. Reporting 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.

It’s important to make sure to include all documentation of the error, in addition to proper identification.

Here’s how to contact each credit reporting company:

Equifax

Online: https://www.equifax.com/personal/credit-report-services/credit-dispute/

Mail:

Equifax Information Services LLC
P.O. Box 740256
Atlanta, GA 30348

Phone: (866) 349-5191

Experian

Online: https://www.experian.com/disputes/main.html

Mail:

Experian
P.O. Box 4500
Allen, TX 75013

Phone: (888) 397-3742

Transunion

Online: https://service.transunion.com/dss/login.page?dest=dispute

Mail:

TransUnion LLC
Consumer Dispute Center
PO Box 2000
Chester, PA 19016

Phone: (800) 916-8800

4. Contacting the furnisher (if applicable).
A furnisher is a company that gave 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. Reaching 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 users create a recovery plan and figure out the next steps.

6. Sitting tight and waiting for a response.
Once someone sends a credit dispute to a bureau or furnisher, they 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 is 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 once a year. 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 can boost your credit score), and to keep track of your spending. Signing up for SoFi Checking and Savings® Account can help with both.

A SoFi Checking and Savings Account lets you track your weekly spending right in the app, as well as set up individual or recurring bill payments to make sure they’re on time. You’ll also earn a competitive annual percentage yield (APY) to help your money grow.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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.

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.

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 .

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.

SOBK0523040U

Many people are sidestepping cash lately. According to one Pew Research Center report, more than four in 10 Americans say they don’t pay for any purchases in cash in a typical week.

But does that mean everyone should forego cash once and for all? Not necessarily. In fact, some financial experts say that a cash-only system may be a wise money move in certain situations.

An exclusively cash lifestyle may help you follow your budget, sidestep overspending, and avoid the high cost of overdraft, interest, and other fees that can be incurred when you pay by check, debit, and/or credit card.

But going all-cash has its downsides, too. It may not be convenient or as secure as other ways of paying.

To figure out what’s right for you, read on.

Pros of Cash-Only Living

Spending money the old-fashioned way can offer some significant perks. Here are some benefits that come with paying with cash for all your transactions.

Using Cash Only Can Help You Budget–and Save

When spending is invisible, it can be all too easy for people to forget that real money is actually going out the door–and all too easy to get in over their heads.

Using a cash-only payment system, even if it’s just for a month or two, can be a great way to see exactly how much you’re spending each day and week, and help you learn how to live within your monthly budget.

That’s because with cash accounting you only take out the amount you’ve allotted to spend for a certain period of time. When you’re out of bills, you’re done.

And if you use the envelope system (more on that below), you’ll be able to set aside specific amounts for all of your spending categories, such as rent, food, and entertainment.

You can then only use the cash you’ve withdrawn for those expenses, which can keep you from spending outside of those pre-set limits.

Cash-Only Living Can Help You Maintain Privacy and Security

Every debit or credit card transaction leaves a digital paper trail, and enables companies to know exactly what you buy, when you buy, and precisely how much you spend.

A more troubling concern can be the potential for data leaks of your personal and credit card information, which can result in identity theft.

If someone steals your identity, they could potentially empty your accounts and obtain new credit cards and credit lines in your name.

Using a cash-only payment system reduces the odds of a breach.

Cash-Only Living Can Help You Save on Interest and Fees

Credit cards often come with annual, as well as late payment fees.

And some stores and service providers, especially small and local businesses, may charge an extra fee to take a credit card payment, since they have to pay for the transaction.

In addition, if you don’t pay your credit card balance in full, you’re likely to end up paying exponentially more. Why? Those high credit card interest rates, which in May of 2023, were topping 20%.

Cons of Using Only Cash

Using cash-only can also come with risks and disadvantages. Here are some of the drawbacks.

Cash Living Can Come With Costs

Some ATMs charge fees for withdrawing cash, which can be troublesome if you find yourself suddenly out of money and need to use an ATM outside of your own bank.

By using credit cards instead of depending on ATMs, you may be able to avoid those costs.

Cash Living Can Have Security Concerns of Its Own

Keeping cash on your person or in your home comes with vulnerability.

You could be a victim of theft, you could lose some money, or the cash stashed in your home could be destroyed by a flood or fire. While not highly likely, it can happen.

A lost or stolen credit card, on the other hand, can be reported and you can often successfully dispute any instances of fraudulent charges.

Recommended: Types of Bank Account Fraud

You Fail to Build Up a Credit History

There’s something ironic about the way lenders look at credit history: If you haven’t borrowed much in the past, lenders may be reluctant to lend to you now.

Opening a credit card account is one way you can build up a credit history (other forms of credit, such as student or car loans, count as well).

A strong credit score is based in part on the average age of your account (the older the better), as well as a history of paying your bills on time, and how much debt you have in relation to the amount of credit available to you.

Your credit score is an important factor if you’d like to take out a loan in the future, such as an auto loan or home mortgage.

If you pay for everything exclusively in cash and never use credit (which is often hard to pull off), you may have trouble showing that you have the credit history to qualify.

Tips for Living a Cash-Only or a Cash-Mostly Life

If you decide to switch to an all, or largely, cash life, here are some strategies to help make the shift as seamless as possible.

Choosing Which Categories to Switch to Cash

Certain payments and bills, such as a mortgage or your student loan, need to be paid digitally or by check.

But you may want to switch groceries, entertainment, clothing, and eating out to cash-only to keep better tabs on the outflow.

Cutting Back on Debit/Credit Card and Check Use

For your cash-only categories, it may be a good idea to stop using your credit card (and even your debit card and checkbook) to pay for anything in those categories. That way, you can really track your cash.

Setting up a System for Tracking Cash Flow

To keep cash for different categories separate, you might consider using the envelope budget method.

With this system, you set a certain amount of cash to spend in each budget category. These pools of money are kept separate in different envelopes.

To keep track of the flow, you can put receipts in the same envelopes as you spend.

The goal is to make the cash last all month. Once the envelope is empty, you’ll either be done for the month or will need to take cash out of a different envelope, potentially short-changing another category.

Recommended: 7 Different Budgeting Methods

Establishing a Time to Take Out Cash

Whether it’s a certain day each week or month, you’ll want to make sure that you go to the ATM on a regular basis to get the full amount of cash that you’ll need until the next ATM trip.

Planning Shopping Trips in Advance

It’s generally better not to carry a load of cash around, so you may want to know ahead of time what errands you’ll be running, and how much you’ll need for each outing.

As a bonus, this can also curb impulse purchases.

The Takeaway

If you’re looking to fix or improve your everyday spending habits, nothing works quite like a cash-only lifestyle.

By forcing you to stick to pre-set spending limits (and actually see where your money is going), this approach may be able to help you keep your monthly spending within your budget.

While cash-only living can take away from efforts to build credit and can have some security issues, this method of spending can also help you save on credit card fees and interest.

If you’d like to pay in cash more often, but still want to earn a competitive return on your money, SoFi Checking and Savings Account might be a good option for you.

SoFi Checking and Savings lets you spend and save in one convenient place. Plus, members can enjoy access to their money at 55,000+ fee-free ATMs worldwide.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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.

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.

SOBK0523042U

When you adopted your furry friend, you may have underestimated just how much you could love them. Another thing you may not have been ready for: their vet bills.

If you’ve ever worried, What happens if I can’t pay the vet bill, know that you have options. So you never have to choose between your emergency fund and your doggo, kitten, iguana, or fish.

Pets as Family Members

American households increasingly include one or more pets. Currently, 70% of U.S. households have pets. And the majority of American pet owners consider them to be members of the family.

So it’s no surprise to learn that Americans are willing to shell out big bucks for their fur babies. Dog owners spend, on average, $912 per year on them, and cat owners spend, on average, $653.

Caring for the physical health of our pets is as important as making sure they’re happy in our homes. Among dog owners, 36% would pay $4,000 dollars or more out of pocket for life-saving care.

Be Prepared With Pet Insurance

The best defense is a good offense, and when it comes to healthcare, that often means having insurance. Like humans, pets, too, can have their own health insurance that can help with vet bills in case things go awry with their health.

A number of companies offer pet insurance plans at different price points. Just like human insurance, the plans offer coverage in exchange for paying premiums each month along with copays and deductibles. Checking out sites like PetInsuranceReview.com may be helpful when comparing plans and pricing to find the offering that fits you and your pet’s needs.

Negotiate an Installment Plan With Your Vet

You may be able to negotiate a payment plan with your veterinarian, so long as you’re a client in good standing at the practice. This payment plan could work out to weekly or monthly installments, depending on what you and your provider agree upon.

However, it should be noted that this is not a standard practice and your veterinarian has every right to refuse to offer a plan. But it’s always worth asking, especially if it’s the veterinarian who has cared for your pet over its lifetime and knows you well.

Seek Out a Second Opinion or a Nearby Veterinary School

It can be important to get a second opinion before your pet undergoes major surgery or procedures (just as you would for yourself or a human loved one).

If a second veterinarian gives you the same diagnosis and you’re still unable to pay for the treatment, you may want to consider reaching out to a local veterinary college. Some offer low-cost clinics run by veterinary students supervised by experienced veterinarians and vet techs. The American Veterinary Medical Association (AVMA.org) provides a list of accredited schools on its website.

Recommended: Dog-Friendly Vacation Ideas

Seek Help From a Charitable Organization

Charities like Paws4aCure.org provide financial assistance for pet owners who cannot afford non-routine veterinary care for cats and dogs of any breed or age, or for any diagnosis.

If your pet has a non-basic, non-urgent care situation, such as a chronic illness or cancer, organizations like ThePetFund.com may be able to help.

The Takeaway

According to AmericanPetProducts.org, pet owners spent more than $36 billion on veterinary care in 2022. While a typical routine visit costs between $50 and $250, emergency surgery for a dog can run up to $5,000.

One option to cover the cost of expensive medical care for your pet is an unsecured personal loan, which could allow you to pay for your pet’s care upfront, then pay the loanoff over time.

You can’t prevent unexpected vet bills, but you can prepare for other unplanned expenses by making sure you, your loved ones, and your belongings are properly insured. That’s where insurance options with SoFi Protect can help. SoFi Protect offers insurance plans for your home and car, plus life insurance plans to help you protect your loved ones in the future.

SoFi Loan Products
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.

SoFi offers customers the opportunity to reach the following Insurance Agents:
Home & Renters: Lemonade Insurance Agency (LIA) is acting as the agent of Lemonade Insurance Company in selling this insurance policy, in which it receives compensation based on the premiums for the insurance policies it sells.

Coverage and pricing is subject to eligibility and underwriting criteria.
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.
Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, Social Finance. Inc. (SoFi) and Social Finance Life Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under Ladder Life™ policies. SoFi is compensated by Ladder for each issued term life policy.
SoFi Agency and its affiliates do not guarantee the services of any insurance company.
All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.

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.

SOPT0523019

Renters insurance protects your possessions if they’re stolen or damaged while you’re renting. In addition to burglaries and vandalism, renters insurance protects you against unfortunate events, such as electrical surges, floods, and fires.

While many tenants assume they have ample coverage under their landlord’s property insurance, this is actually not typically true. Without renters insurance, you could take a major financial hit in the event of a burglary or fire by having to pay out of pocket for everything you own that is lost or ruined.

Renters insurance also offers other financial protections, such as covering personal injuries to others and temporary accommodation if you ever need to move out due to home damage.

Whether you rent an apartment, condo, or house, here’s what you need to know about renters insurance.

What Is Renters Insurance?

Renters insurance provides a number of protections, which typically include:

Personal Possessions

Renters insurance protects against losses to your personal property (think furniture, clothing, luggage, jewelry, electronics), or items that aren’t built into the property unit.

Even if you don’t own much, it may add up to more than you realize.

Liability

In the event that someone other than you is injured on your rental property, renters insurance can cover expenses related to personal injuries, such as medical bills and legal expenses should that person sue you.

Most policies provide at least $100,000 of liability coverage, along with a smaller amount to cover medical payments. You can purchase higher coverage limits for a fee.

Temporary Living Expense

If your home becomes uninhabitable as a result of one of the covered perils, your renters insurance policy may reimburse you for the cost of any extra living expenses that occur while you’re unable to reside in the rental property, such as hotels or meals out.

Your Belongings When You Travel

Your personal belongings are not only covered when you’re at home, but also when you are away from home. Your possessions are typically covered from loss due to theft and other covered losses wherever you may travel.

What Catastrophes Does Renters Insurance Cover?

Renters policies protect against a long list of unfortunate events. While each policy’s level of coverage will vary, a standard rental policy may cover losses to property from perils including:

•   Fire

•   Smoke

•   Theft

•   Vandalism or malicious mischief

•   Lightning

•   Windstorms

•   Explosions

•   Water from internal sources (such as plumbing leaks)

•   Windstorm or hail

•   Falling objects

Typically, renters insurance doesn’t cover damage caused by earthquakes or floods from external sources. You may need to purchase a separate policy or rider to get coverage for these events. A separate rider might also be necessary to cover wind damage in areas that are prone to hurricanes.

Rental policies also do not typically cover losses due to your own negligence or intentional acts.

Recommended: Choosing a Renters Insurance Deductible

Why Is Renters Insurance Important?

One of the main benefits of renting versus owning is that there is less responsibility involved. If there is a leak in the kitchen or a noisy neighbor causing problems, in theory, the landlord should handle those issues.

When renting, it’s easy to fall under the impression that your landlord will handle everything that goes wrong. Unfortunately, that isn’t always the case. Your landlord’s property insurance policy covers losses to the building itself, whether it’s an apartment, a house, or a duplex.

Renters insurance provides financial protection for many of the things that landlords aren’t insured for, or would likely be willing to cover out of their own pocket.

Is Renters Insurance Mandatory?

In some cases, yes. While renters insurance isn’t a requirement by law, landlords are legally allowed to require it in their rental agreements. Basically, if a landlord says a tenant needs it, they have to get it. If the landlord doesn’t require it in the lease agreement, the choice is up to the renter.

If a landlord requires renters insurance, it’s probably because they are looking after their own best interests. If a tenant has renters insurance, the landlord will be less likely to get hit with a lawsuit regarding injury or theft.

Even in cases where a landlord doesn’t require renters insurance, they may still favor applicants who have it over those who don’t. So if you’re looking to rent a home in a competitive area, having renters insurance may help you stand out amongst a sea of applicants.

Renters Insurance Policy Options

Exactly what renters insurance covers depends on the policy type. There are two main types of renters insurance policies that renters will likely come across:

•   Actual Cash Value. This type of policy pays to replace possessions minus an amount for depreciation up to the limit of the policy. In other words, they reduce the value of the possession based on its age and use.

•   Replacement Cost. This policy pays for the actual cost of replacing the possessions, and doesn’t deduct for depreciation, up to the limit of the policy. Generally, a Replacement Cost policy costs around 10% more than an Actual Cash Value coverage policy, but this higher cost may be worthwhile.

How Much Does Renters Insurance Cost?

The price will depend on what type of policy you choose, how much coverage you need, and what state you live in. The average cost of renters insurance in the U.S. is $179 per year, or roughly $15 per month.

To determine how much coverage is necessary, it helps to know the value of all your personal possessions.

Let’s say the worst happens and the rental property burns down to the ground. How much would all of the furniture, electronics, art, jewelry, clothing, appliances, and everyday items like towels cost to replace? Ideally, the policy will be enough to replace all possessions.

Creating a home inventory of all of your personal possessions and their estimated value can help determine this number. Keeping this inventory up-to-date can make it easier and faster to file an insurance claim down the road.

How to Buy Renters Insurance

If you decide you want to purchase renters insurance, here are some ways to get started.

Comparison Shopping

Renters insurance policy prices can vary greatly depending on the provider, so it can be worthwhile to shop around. It’s a good idea to get at least three price quotes, but the more the merrier.

You can call the company directly or submit an online form if available to get a quote, and then compare the different offers to see which one provides the best coverage for the best price.

Recommended: Most Affordable Renters Insurance for Apartments

Varying the Search

You may want to get quotes from different types of insurance companies, including those that sell policies through their own agents, and those that sell directly to the consumer without using agents.

You can also consult independent agents who offer policies from multiple insurance companies.

Looking Past Price

While getting the best deal possible sounds great, price shouldn’t be a renter’s only concern. An insurance provider’s customer service, claim process, and customer reviews are all important factors to take into account.

Asking for Referrals

Alongside looking at customer reviews, you may also want to ask friends or relatives for their recommendations. This is especially helpful if they have dealt with processing a renters insurance claim before.

The Takeaway

Renters insurance can provide coverage for your personal belongings, whether they are in your home, your car, or while you are on vacation. In addition, renters insurance can provide liability coverage in case someone is injured in your home or if you accidentally cause injury to someone.

To determine if buying renters insurance is worth it for you, you may want to consider whether it would be financially devastating for you to have to replace all, or even some, of your personal possessions if they were stolen or damaged. If the answer is yes, then a renters insurance policy may be a wise investment.

Renters insurance can also provide peace of mind, which some renters may feel is worth the cost.

If you decide to purchase a policy, you’ll want to understand what the policy covers, and also ask the company or agent about available discounts, deductibles, and coverage limits.

Thinking about renters insurance but worried about how to fit it into your budget? You may want to consider signing up for a Checking and Savings account with SoFi. With SoFi Checking and Savings, you can easily see your weekly spending on your dashboard in the app. This can help you stay on top of your spending, and make sure you are staying on track with your budget. With SoFi, you’ll also earn a competitive annual percentage yield (APY) and won’t pay any account fees.

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FOMO, or, “fear of missing out” when trading, applies to the anxiety of potentially passing up a profitable investment that an investor may experience. “FOMO” is a term commonly used to describe other anxiety-inducing situations as well. For investors who visualize a scenario where a stock rises sharply in value but goes unpurchased, the fear of missing out may cause them to make investing decisions that aren’t fully thought-through or in line with their investing strategy.

Making emotional, knee-jerk decisions when investing can derail your overall strategy, too. That’s why it can be important to try and avoid it the best you can.

What Is FOMO Trading?

FOMO trading happens when an investor allows their fear of missing out to drive their investing decisions — to the exclusion of other insights and instincts. This can trigger errors, creating problems in an otherwise well-managed investment portfolio.

For example, an impatient trader may rush to buy a hot stock even if it doesn’t fit into their investment strategy, or if the stock risks could jeopardize the portfolio’s stability.

Yet, buying any investment without proper research, risk assessment, or a planned exit strategy if the stock goes down, is the opposite of effective stock market investing.

Understanding Behavioral Finance

Sociologists use the term “behavioral finance” to describe the overall need to abandon rational thought and follow a herd to mitigate any FOMO anxieties. With behavioral finance, emotional and sociological influences replace scrutiny and logical thinking, which can significantly alter investment outcomes.

The fact that so many stock market rumors are stoked on social media, and that there are so many investors who rely on social media for investment ideas, only adds more pressure to give in to your anxieties, and buy a stock or other investment that may not necessarily fit in with your investing strategy.

Ways to Avoid FOMO Trading

How can an investor fight off FOMO tendencies and remain a stable and steadfast investor? It’s not easy given the pressure to trade frequently these days, but these tips may help.

Invest With a Plan in Mind

Investors who trade according to a well-thought out plan or investing strategy — and not with a FOMO mindset — are likely to be more prepared for better investment outcomes. By doing research, learning how to value a stock, and establishing your own tolerance for risk, you may be less likely to make rash or emotional decisions regarding your investments.

Stay Calm in Highly Volatile Markets

Many impulse trades come at a time when markets move fast. When investing in a volatile market, it’s especially important to trade with strategy in mind, rather than with your feelings.

Be Sensible About Trading

A single stock market trade rarely makes or breaks an investment portfolio. If you do hear about a can’t-miss stock and are anxious to pull the trigger and buy that stock, it can help to keep it in perspective: there’s always another market opportunity down the road. In other words, keep the big picture in mind.

Avoid Investing Money You Can’t Afford to Lose

The old adage of “never play with money you can’t afford to lose” is very much in play with FOMO investing. It’s never wise to chase a stock with large amounts of money your portfolio can’t afford to be without. In nearly all cases, if an investment’s risk is too high, and the potential impact to your portfolio is too acute, then it may be best to wait things out.

Don’t Mistake Social Media Advice For a Sound Investment Strategy

Social media captures a great deal of attention from market investors. But these platforms may be loaded with touts, short-sellers, penny stock promoters, and other investment shills who have their best interest in mind — not yours. As a rule, social media touts always talk up their gains but rarely mention their losses. Remember that maxim when you’re under the temptation of a FOMO trade.

The Takeaway

FOMO trading is a type of behavioral finance — in which an investor lets emotions like the fear of missing out replace logical, strategic thinking. FOMO trading often happens on a whim without much thought, which can significantly impact investment outcomes.That’s why it’s important to have a cogent strategy in place, and to keep your goals in mind when making investing decisions.

While it can be difficult to completely remove your emotions from your investing activities, keeping your strategy top of mind can help direct your decision-making process. Again: It’s not easy, but with some practice and experience in the markets, learning to skip investing trends might become a bit easier.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

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