North Carolina is a state filled with fascinating history, diverse landscapes, and charming culture. Whether you’re looking to rent in Raleigh or searching for an apartment in Charlotte, you’ll find there’s a lot to love about this beautiful state. Living in North Carolina offers residents a mix of coastal charm, mountain views, and vibrant city life. Here are 15 fun facts about North Carolina that showcase why it’s such a unique and beloved place.
1. North Carolina is known as the “First in Flight” state
The Wright brothers made their historic flight in Kitty Hawk in 1903. This achievement earned North Carolina its “First in Flight” nickname. The state takes pride in its aviation history, with many museums dedicated to the topic. Kitty Hawk is a must-see for aviation enthusiasts. The achievement truly put North Carolina on the map.
2. Biltmore Estate is the largest privately owned house in the United States
Located in Asheville, the Biltmore Estate is an iconic attraction. This mansion has 250 rooms and covers 8,000 acres. It was built by George Washington Vanderbilt II in the late 1800s. The estate is now open to the public for tours and events. It showcases beautiful architecture and luxurious gardens.
3. North Carolina is home to the tallest lighthouse in America
The Cape Hatteras Lighthouse stands at an impressive 208 feet. Located on the Outer Banks, it helps guide sailors along the treacherous waters. The lighthouse was moved in 1999 to protect it from shoreline erosion. It remains a popular tourist attraction today. Visitors can even climb to the top for stunning ocean views.
4. Krispy Kreme was founded in North Carolina
Winston-Salem is the birthplace of the famous Krispy Kreme doughnuts. The company started in 1937 and quickly gained popularity. Their signature “Hot Now” sign draws in countless customers. North Carolinians have enjoyed these delicious treats for decades.
5. North Carolina is one of the largest producers of sweet potatoes in the country
The state grows more sweet potatoes than any other state in the U.S. Rich soil and a favorable climate make North Carolina ideal for farming. The sweet potato even became the state vegetable in 1995. Many local dishes feature this nutritious crop. It’s a significant part of North Carolina’s agricultural identity.
6. The Great Smoky Mountains are part of North Carolina
The Great Smoky Mountains National Park spans both North Carolina and Tennessee. The North Carolina side is known for its stunning views and diverse wildlife. The park is home to over 1,500 types of flowering plants. It’s one of the most visited national parks in the United States.
7. North Carolina is known for its barbecue traditions
The state is famous for its unique style of barbecue. Eastern and Western North Carolina each have their own flavors and methods. Eastern style uses a vinegar-based sauce, while Western style adds tomato. Barbecue is a beloved part of the state’s culture. It’s common to see friendly debates over which style is the best.
8. Wild horses roam the Outer Banks
The wild horses of the Outer Banks are descended from Spanish mustangs. These horses have lived on the islands for over 400 years. They freely roam along the beaches, delighting visitors. The horses are protected and cared for by local organizations.
9. North Carolina has a thriving film industry
Wilmington, NC, also known as “Hollywood East,” has hosted numerous film productions. Movies like Iron Man 3 and shows like Dawson’s Creek were filmed here. The state offers varied landscapes that are ideal for filmmaking. Wilmington’s film studios are among the largest in the country.
10. North Carolina is home to America’s first state university
The University of North Carolina at Chapel Hill opened in 1795. It was the first public university in the United States to hold classes. The campus is known for its beautiful architecture and rich history. The university remains a leading educational institution today.
11. Cheerwine soda was created in North Carolina
Salisbury, NC is the birthplace of this unique cherry-flavored soda. Cheerwine has been a favorite drink in the state since 1917. Its unique taste and deep roots in North Carolina make it a cultural icon. Many residents enjoy Cheerwine alongside traditional barbecue. It’s a classic part of North Carolina’s food scene.
12. North Carolina’s Blue Ridge Parkway is one of America’s most scenic drives
The Blue Ridge Parkway stretches through the mountains of North Carolina and Virginia. It’s known for breathtaking views and vibrant fall foliage. Many visitors drive this route to see the spectacular natural scenery. The parkway also offers access to numerous hiking trails. It’s a top destination for outdoor enthusiasts.
13. High Point is known as the “Furniture Capital of the World”
High Point hosts one of the largest furniture markets globally. The High Point Market attracts buyers and designers from all over the world. The city’s furniture industry has deep historical roots. Many local businesses have been making quality furniture for decades. The event is a key part of North Carolina’s economy.
14. North Carolina is the birthplace of Pepsi
The iconic soda brand Pepsi was created in New Bern, NC in 1893. Pharmacist Caleb Bradham developed it as a refreshing drink. Originally named “Brad’s Drink,” it was later renamed Pepsi-Cola. Today, visitors can see the original store where Pepsi was first made. It’s a point of pride for many North Carolinians.
15. Venus flytraps are native to North Carolina
The Venus flytrap is native to North Carolina’s coastal regions. It thrives in the wetlands near Wilmington. The plant’s ability to trap insects fascinates many people. North Carolina is one of the few places where it grows in the wild. Conservation efforts are crucial to protect this unique species.
Credit reports contain financial records of debts you owe and ones you’ve paid off. Positive information can remain on your credit reports indefinitely. Most negative information falls off your credit after seven years, though certain types of bankruptcy filings can remain longer.
Here’s a closer look at how financial records impact your credit reports.
How Long Do Inquiries Stay on a Credit Report?
When you apply for a loan, credit card, or line of credit the lender can perform what’s called a hard inquiry. This simply means that they pull copies of your credit reports, which they’ll use to make an approval decision.
Hard inquiries show up on a credit report and they’re included in your FICO® credit score calculations. Each new inquiry remains on your credit report for two years, according to FICO. However, they’re only considered in credit score calculations for the first 12 months. Soft inquiries occur when you check your credit reports yourself or a company pulls your credit for the purposes of prequalifying or preapproving you for a loan. These inquiries won’t show up on a credit report, and they don’t have any impact on your credit score.
That distinction is important if you’re learning how to build credit.
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How Long Does Negative Information Remain on Your Credit Report?
Negative information on a credit report is any information that’s harmful to your credit score. What affects your credit score negatively? The list includes:
• Late payments
• Missed payments
• Collection accounts
• Charge-offs
• Judgments
• Foreclosures
• Bankruptcies
Generally, negative information can stay on your credit report for up to seven years. Chapter 7 and Chapter 11 bankruptcy, however, can stick around on your credit report for 10 years.
In terms of how negative items impact your credit score, age matters, according to FICO. Newer negative items, such as collections or late payments, have a more immediate impact on your scores than negative items that are several years old. A money tracker app makes it easy to track your credit and your money in real time so you can get ahead financially.
How Long Does Positive Information Remain on Your Credit Report?
Positive information can remain on credit reports indefinitely. Credit bureaus are not required to remove this information, though they may do so at the seven-year mark. Examples of positive information that can stay on a credit report, regardless of time, include:
• On-time payments
• Open accounts that have a $0 balance or a low balance, relative to your credit limit
• Closed accounts that you’ve paid in full
Positive items on a credit report are a good thing, since they help your credit scores. On-time payments and low balances on credit accounts have the biggest impact overall. Making biweekly payments or increasing your credit limits are two helpful ideas for how to lower credit utilization. Using a spending app to manage your budget and expenses can also help keep credit card balances low.
How to Remove Negative Information From Your Credit Report
Negative information that’s accurate cannot be removed from a credit report. For example, if you miss several payments on a loan but get caught up later, those late payments will stay on your credit reports until you hit the seven-year mark.
Inaccurate information, on the other hand, can be removed through the dispute process. Examples of inaccurate or incorrect items you could dispute on a credit report include:
• On-time payments that were not properly attributed to your account
• Credit accounts that don’t belong to you
• Paid-in-full accounts that still show a balance on your credit reports
• Account activity relating to fraudulent activity or identity theft
You’ll need to dispute the inaccurate information with the credit bureau that reports it. All three credit bureaus — Equifax, Experian, and TransUnion — allow you to initiate credit report disputes online. You’ll need to fill out a dispute form and provide some details about the dispute.
Once the credit bureau receives the dispute, it’s required to investigate your claim and return a decision to you promptly. If the credit bureau finds that there’s an error on your reports, it’s legally required to remove or update the information.
Your credit score updates monthly for the most part. Enrolling in credit score monitoring can make it easier to track changes, including changes to your score following a dispute.
Recommended: Why Did My Credit Score Drop After a Dispute?
Do You Still Have to Pay a Debt If It Fell Off Your Credit Report?
A debt can fall off your credit report if enough time passes. However, the amount owed doesn’t go away. Creditors and debt collectors could still attempt to get you to pay if the statute of limitations hasn’t passed.
The statute of limitations on debt allows creditors and debt collectors a set window of time in which to sue you for an unpaid balance. Each state determines how long the statute of limitations applies but in all states, its expiration doesn’t remove your legal obligation to pay what you owe.
Should you pay old debts? Ethically, yes. But if a debt falls off your credit report and the statute of limitations has expired, it would be very difficult for a creditor to force you to pay via a lawsuit.
The Takeaway
Reviewing your credit reports regularly is a good way to see what’s helping or hurting your score at any given time. If you have negative items on your credit report, you might see your score drop, but those points can come back with the passage of time.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
FAQ
What stays on a credit report forever?
Positive information can stay on a credit report forever, as credit bureaus are not required to remove any items that help your credit score. However, credit bureaus can choose to remove positive information after seven years.
Can credit information stay on my credit report for over 7 years?
Credit information can stay on your credit report for over seven years if it’s positive. Generally, negative information cannot stay on your report for more than seven years, unless you file for Chapter 7 or Chapter 11 bankruptcy. In that case, the bankruptcy filing could stay on your report for 10 years.
Do old accounts fall off a credit report?
Old accounts can fall off your credit report after seven years if they have negative information. Positive information from old accounts or newer ones can stay on your credit reports indefinitely.
Photo credit: iStock/PeopleImages SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
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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 .
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Looking to head down south for football, cowboy culture, and great barbecue? How about Dallas-Fort Worth Metroplex? These cities are named two of Texas’ best places to live with their relatively affordable housing and rental prices.
Searching for an apartment can be tough, so we’ve put together a list of some of the best apartments in Dallas-Fort Worth to make it easier. Once you’ve determined how much rent you can afford and set your budget, you’re sure to find a place you’ll love, no matter what your criteria are.
Living in Dallas is a perfect blend of big-city excitement and Southern hospitality. You’ll find great job opportunities, affordable living, and endless things to do—whether you’re into art, food, sports, or exploring the outdoors.
Gateway Oak Cliff
Neighborhood: Oak Cliff/Bishop Arts District Walk Score: 88 Floor Plans: Studio, 1, 2, and 3 bedrooms Square Footage: 602 – 1,274 sq ft Starting Price: $1,093
The Gateway Oak Cliff is ideally located in the vibrant Oak Cliff neighborhood of Dallas, TX, less than a mile from downtown and within walking distance of the lively Bishop Arts District. With a high Walk Score of 88, this community offers unbeatable walkability to the trendy Bishop Arts District and is just minutes from downtown.
Choose from a variety of floor plans, including studio, 1-bedroom, 2-bedroom, and 3-bedroom apartments, all available at competitive rates ranging from $1,000 to $2,750. Each home boasts desirable features such as a balcony, patio, or deck, and access to top-tier amenities like a fitness center, swimming pool, controlled access, and more. Plus, enjoy the convenience of air conditioning, dishwashers, and some paid utilities. Perfectly located near shopping, dining, and entertainment, The Gateway Oak Cliff is your next home in one of Dallas’ most dynamic neighborhoods.
The Lofts at Mockingbird Station
Neighborhood: Downtown Dallas Walk Score: 88 Floor Plans: Studio, 1, 2 bedrooms, and penthouses Square Footage: 612 – 2,649 sq ft Starting Price: $1,829
The Lofts at Mockingbird Station offers a unique living experience in a historic downtown building. Whether you’re looking for a studio, 1-, or 2-bedroom apartment—or even a spacious penthouse—each home offers incredible views of downtown Dallas and SMU. With high ceilings, modern kitchens featuring granite or quartz countertops, brick backsplashes, and stainless steel appliances, these lofts are designed with both comfort and style in mind.
Prices start at $1,766, and you’ll enjoy great perks like a rooftop pool with amazing skyline views, a 24-hour fitness center, and easy access to the DART Light Rail and Central Expressway 75. Plus, you’re close to everything—Uptown, downtown, shopping, dining, entertainment, and even the Katy Trail for outdoor adventures. The Lofts at Mockingbird Station are more than just a place to live—they’re a place to feel at home.
Armstrong at Knox
Neighborhood: Knox Henderson Walk Score: 94 Floor Plans: 1 and 2 bedrooms Square Footage: 750 – 1,565 sq ft Starting Price: $2,629
Located in the desirable Knox-Henderson area, The Armstrong at Knox offers contemporary, boutique-style 1- and 2-bedroom apartments. The units are designed with modern elegance, featuring stunning quartz countertops, sleek wood flooring, private balconies, and spacious walk-in closets for that extra touch of luxury. As for amenities, this complex has a fully equipped fitness center, a resort-style pool, a community fire pit, and an outdoor kitchen for grilling. Plus with a Walk Score of 94, you’re just steps away from amazing shopping, dining, and the Katy Trail, so everything you need is right at your doorstep.
Easton
Neighborhood: Vickery Place Walk Score: 80 Floor Plans: Studio, 1, and 2 bedrooms Square Footage: 501 – 1,193 sq ft Starting Price: $940
Located in Vickery Place right off Interstate 75, with a Walk Score of 80, Easton is just minutes away from Dallas’s top shopping, dining, and entertainment options. Choose from a variety of floor plans, including studios, 1-bedroom, and 2-bedroom apartments, with prices starting at $1,269. Some units have personal balconies or patios, vaulted ceilings, walk-in closets, and natural gas fireplaces. The community amenities are equally inviting, with charming courtyards with barbecue grills, a well-equipped fitness center, a community center, and a resort-style pool.
Vue Live Oak
Neighborhood: Deep Ellum Walk Score: 88 Floor Plans: Studio, 1, and 2 bedrooms Square Footage: 488 – 1,389 sq ft Starting Price: $1,108
Located in the desirable Deep Ellum neighborhood, Vue Live Oak boasts a fantastic Walk Score of 88, putting amazing restaurants, shopping, and entertainment just steps away. You can choose from studio, 1-, and 2-bedroom floor plans, with prices starting at $1,100. Your new home will feature vaulted ceilings, a private balcony or patio, modern kitchen cabinets, granite countertops, washer and dryer connections, and spacious walk-in closets. The complex also offers an incredible community area complete with outdoor grills and a resort-style pool and lounge area, perfect for relaxing or entertaining friends.
Living in Fort Worth offers a laid-back vibe with a strong sense of community and Texas pride. Known for its rich Western heritage, the city combines small-town charm with modern amenities. With great job opportunities, affordable housing, and a thriving arts and entertainment scene, it’s a great place to call home.
The Palo
Neighborhood: Storia Walk Score: 1 Floor Plans: Studio, 1, 2, and 3 bedrooms Square Footage: 750 – 1,451 sq ft Starting Price: $1,400
The Palo is a newly built, boutique community that combines rustic charm with modern elegance. Here, you’ll find a range of options from 1- to 3-bedroom apartments, as well as 3-bedroom townhomes in the Storia neighborhood of Fort Worth, TX. Each home includes thoughtful touches like a chef-inspired kitchen with stainless-steel appliances, a private yard or patio, and an in-home washer and dryer. Conveniently located off I-35W, The Palo puts you close to great shopping and dining, plus attractions such as Texas Motor Speedway, the Fort Worth Stockyards, and The Golf Club at Champions Circle.
Madera at Leftbank
Neighborhood: West 7th Street Walk Score: 60 Floor Plans: Studio, 1, 2, 3, and 4 bedrooms Square Footage: 395 – 4,899 sq ft Starting Price: $1,269
Experience contemporary interiors and thoughtful amenities in Fort Worth at the Madera at Leftbank. This complex offers studio to 4-bedroom apartments with elegant quartz countertops, wood-grain flooring, and spacious layout. As for amenities, you’ll have beautiful patios, a modern fitness center, and a luxurious swimming pool and sundeck. With a Walk Score of 60, The Madera is also at a prime location. Living here you’ll find yourself nearby Trinity Trails, cultural spots in West 7th, and a variety of dining options. With a blend of world-class sports and outdoor activities, you may have just found your next home.
Hillwood – Paloma Village
Neighborhood: North Fort Worth Walk Score: 30 Floor Plans: 1, 2, and 3 bedrooms Square Footage: 556 – 1,972 sq ft Starting Price: $1,085
Located in North Fort Worth, Paloma Village is Hillwood’s latest community of modern apartments at Alliance Town Center, offering modern 1- to 3-bedroom units designed for comfortable living. The spacious floor plans and top-notch amenities make every day feel like a retreat, including a dog park for your furry friends and a barbecue area perfect for gathering with friends. Plus, with shopping and dining just steps away, you’ll have everything you need right at your fingertips, making Paloma Village the perfect place to call home.
Living in Garland, TX, offers a friendly suburban atmosphere just minutes from Dallas with diverse communities, plenty of parks, and affordable housing,
Rye Bunker Hill
Neighborhood: Garland Walk Score: 4 Floor Plans: 1, 2, and 3 bedrooms Square Footage: 578 – 1,436 sq ft Starting Price: $1,455
At Rye Bunker Hill, you’ll find a new level of apartment living that feels both modern and comfortable. They offer a range of one, two, and three-bedroom homes designed with stylish touches like hardwood-style flooring in the main areas, soft carpet in the bedrooms, and spacious closets with built-in shoe racks. The community also provides a variety of amenities to make life easier and more enjoyable like the valet trash service, coffee bar, private work pods, pickleball courts, and resort-style saltwater pool with sun shelves and a spacious poolside cabana.
Grand Prairie, TX, combines suburban charm with a convenient location between Dallas and Fort Worth. The city offers a variety of parks, shopping centers, and entertainment options, there’s always something to enjoy.
The Duvall
Neighborhood: Grand Prairie Walk Score: 23 Floor Plans: Studio, 1, and 2 bedrooms Square Footage: 626 – 1,419 sq ft Starting Price: $1,595
Located in the heart of Grand Prairie, The Duvall provides a variety of studio, 1-bedroom, and 2-bedroom apartments. This new community combines modern style with thoughtful amenities and attentive service. Each apartment is designed for comfort and style, featuring high-quality appliances, stylish finishes, and stunning views. Residents can take advantage of amenities such as a resort-style pool, a modern fitness center, and outdoor grilling stations.
If you decide Melissa, TX is home, you’ll enjoy a peaceful lifestyle with access to parks and outdoor activities, all while being just a short drive from the amenities and attractions of the Dallas-Fort Worth area.
The Waldon
Neighborhood: Melissa Walk Score: 0 Floor Plans: 1, 2, and 3 bedrooms Square Footage: 620 – 1,671 sq ft Starting Price: $1,215
Once a cherished local hotel, The Waldon has now been reimagined into a cozy retreat with a blend of classic charm and modern style. Featuring craftsmanship from a bygone era, each space delivers a sense of luxury and nostalgia with flexible layouts and stylish finishes that feel both current and classic. You’ll feel a balance of relaxation and connection with top-notch amenities like a private fitness center, outdoor kitchen, resort-style pool, and yoga studio. Plus, its location near Melissa, McKinney, Fairview, and Frisco makes it easy to explore everything the area has to offer.
Frisco has a welcoming small-town vibe but offers all the perks of city life. There are plenty of restaurants, shops, and entertainment options to explore, and if you enjoy the outdoors, you’ll love the parks and trails. Plus, Dallas is just a short drive away, making it easy to enjoy the city.
The Links on PGA Parkway
Neighborhood: Frisco Walk Score: 1 Floor Plans: 1, 2, and 3 bedrooms Square Footage: 639 – 1,452 sq ft Starting Price: $1,612
The Links on PGA Parkway is a fantastic place to call home in Frisco, offering a range of 1- to 3-bedroom apartments each designed with high-end finishes. It’s conveniently located near top employers, schools, dining, shopping, and even the Toyota Stadium and Dr. Pepper Ballpark. The community has great amenities, including a fitness center, a resort-style pool with cabanas, and a clubhouse with Wi-Fi. Inside the apartments, you’ll find modern finishes, stainless steel appliances, granite countertops, and roomy walk-in closets.
Presidium Frisco Square
Neighborhood: Frisco Walk Score: 49 Floor Plans: Studio, 1, 2, and 3 bedrooms Square Footage: 532 – 1,808 sq ft Starting Price: $1,499
Frisco’s Presidium Frisco Square offers a mix of comfort and modern style with its well-designed studio and 1- to 3-bedroom apartments to accommodate your lifestyle. You’ll find features like keyless entry and smart light switches for a touch of convenience. The amenities are pretty impressive, too. Sharpen your skills with the golf simulator, or unwind with friends on the rooftop terrace. Take advantage of the resort-style pool, pet park, and outdoor pavilion. And when the Texas heat kicks in, retreat indoors to the resident clubroom or cinema lounge.. Plus, the location is really convenient—just a short walk to great dining, shopping, and close to Frisco ISD.
Known as the “Peach Capital of Texas,” Weatherford offers a relaxed lifestyle with beautiful parks, friendly neighborhoods, and a rich history. The town’s charm comes from its farmers’ markets, unique shops, and tasty eateries. And, with easy access to Fort Worth, you can enjoy Weatherford’s tranquility while staying close to city excitement.
Mustang Ridge
Neighborhood: Weatherford Walk Score: 56 Floor Plans: 1, 2, and 3 bedrooms Square Footage: 567 – 1,151 sq ft Starting Price: $1,150
Located just 25 minutes from Fort Worth and in the heart of Weatherford, Mustang Ridge apartments are a luxury community providing modern and comfortable spaces. Each apartment has roomy living spaces, high ceilings, granite countertops, stainless steel appliances, and stylish lighting. The amenities are top notch, where you can enjoy the resort-style pool, dog park, and grill stations. Plus, the convenient location near restaurants, shops, and bars, with easy access to I-20, makes getting around the Dallas-Fort Worth area a breeze.
Celina, TX is currently the fastest growing suburb just north of Dallas, offering the best of both worlds. This city has a small-town vibe with a tight-knit community feel, great parks, and fun events throughout the year.
One Preston Station
Neighborhood: Celina, TX Walk Score: 17 Floor Plans: 1, 2, and 3 bedrooms Square Footage: 638 – 1,234 sq ft Starting Price: $1,190
One Preston Station brings a fresh vibe to small-town living in Celina, Texas, offering 1-, 2-, and 3-bedroom apartments starting at $1,200. The apartments are designed to balance comfort and privacy, with features like ceiling fans, plenty of closet space, scenic patios or balconies, and in-unit washers and dryers. The community is eco-friendly and includes a pool, a well-equipped fitness center, a community garden, and a beautiful outdoor kitchen. Plus, it’s in a rapidly growing part of the city, so you’ll find new workplaces, dining, and entertainment options popping up all the time.
Plano has a lot to offer, from its diverse dining options to beautiful parks that invite outdoor exploration. You’ll appreciate the community spirit here, with plenty of events and festivals throughout the year that foster connection among residents. Plus, with convenient access to major highways and the DART rail system, commuting to Dallas for work or leisure is effortless.
The Beacon
Neighborhood: Plano Walk Score: 41 Floor Plans: Studio, 1, and 2 bedrooms Square Footage: 583 – 1,250 sq ft Starting Price: $1,341
As a part of The Billingsley Collection, living at The Beacon is sure to enhance your daily life in Plano, TX. The building’s diverse architectural style blends Parisian influences with Southeast Asian touches, creating a unique and memorable environment. The exterior reflects historic Philadelphia brick structures, while the lively interiors bring fresh energy to the area. The community offers extensive amenities to enhance your living experience. Enjoy two resort-style pools, beautifully landscaped courtyards, and covered bungalows for a peaceful retreat. With its lively community, convenient retail options, and wide range of amenities, you’re sure to love relaxing, connecting with others, and staying active – all while living here.
LVL 29
Neighborhood: West Plano Walk Score: 48 Floor Plans: 1, 2, 3, and 4 bedrooms Square Footage: 681 – 3,588 sq ft Starting Price: $2,194
Every apartment in LVL 29 is thoughtfully designed for a unique living experience. Enjoy stylish kitchen islands with pendant lighting, serene private balconies, luxurious freestanding tubs, charming interior and exterior fireplaces, and premium stainless steel kitchen appliances that enhance your cooking. Residents can take advantage of a fully-equipped fitness center, relax in the poker and sports lounge, enjoy the resort-style swimming pool, or unwind in the outdoor heated spa. With its prime location in the Legacy West area, you’ll enjoy the plethora of dining, entertainment, and business options nearby.
Coppell, TX, stands out as a great place to call home, offering the best of both worlds—small-town warmth with easy access to urban conveniences. You’ll find a charming selection of local restaurants and shops that foster a strong sense of community, where neighbors become friends.
Hastings End
Neighborhood: Coppell Walk Score: 28 Floor Plans: 1 and 2 bedrooms Square Footage: 597 – 1,318 sq ft Starting Price: $1,429
Located at the tip of the Sound Peninsula, Hastings End offers a unique blend of luxury, comfort, and lakeside living in Coppell, TX. Part of The Billingsley Collection, this thoughtfully designed neighborhood offers 1- and 2-bedroom apartments that showcase stunning architecture and sophisticated interiors. Each unit features gourmet kitchens with stainless steel appliances and expansive outdoor patios and balconies, extending your living space to enjoy the beauty of lakeside living. This complex offers amazing amenities like an inviting private clubroom, a Moroccan-inspired courtyard, a hedge-lined pool, and a scenic events lawn overlooking North Lake, which are perfect for any gathering.
Dane Park Grapevine
Neighborhood: Grapevine Walk Score: 53 Floor Plans: 1 and 2 bedrooms Square Footage: 750 – 1,163 sq ft Starting Price: $1,464
Looking for a community where both you and your pup will feel right at home? Dane Park Grapevine is the top dog-friendly apartment in the United States, offering the ultimate convenience with onsite doggy daycare and even concierge services. With 1- and 2-bedroom floor plans, each unit is designed to meet the needs of both you and your furry friend, offering comfort and style. The community also boasts top-notch amenities, including an entertainment lounge, a modern gym, and even an indoor basketball court.Alongside the pet-friendly atmosphere, this complex is in the perfect location, just moments away from popular attractions like the vibrant Main Street food scene, Downtown Grapevine, Grapevine Lake, wineries, and more.
Just minutes from Dallas, Red Oak offers the benefits of a close-knit community, beautiful parks, and excellent schools without sacrificing access to city life. Its charming local spots and friendly atmosphere make it an inviting place to settle down while still being connected to everything the metroplex has to offer.
The Ovilla at Legacy Square
Neighborhood: Red Oak, TX Walk Score: 27 Floor Plans: 1, 2, and 3 bedrooms Square Footage: 619 – 1,212 sq ft Starting Price: $1,383
If you’re looking for a community that feels like home, The Ovilla at Legacy Square is the perfect place for you. Choose from spacious 1-, 2-, or 3-bedroom floor plans, with prices ranging from $1,300 to $2,150. The units feature thoughtfully selected finishes and flexible layouts that truly enhance your living experience. When it comes to amenities, you’ll love the coffee bar for your morning brew, the state-of-the-art fitness center, and the yoga studio to help you unwind. Plus, there’s a resort-inspired pool that’s perfect for relaxing on warm days. And let’s not forget about the fantastic location—you’re just a short distance from shops, restaurants, and entertainment options, making it easy to enjoy everything the area has to offer.
The World of Hyatt Credit Card has a limited-time welcome offer for new cardholders that could help with travel goals in the next year.
Those who apply and are approved for the card through Oct. 31, 2024, get this sign-up bonus: Earn five category 1-4 Free Night Awards to use at Hyatt hotels after spending $4,000 in the first three months of opening the account. This offer includes domestic and international properties.
Compared with the card’s previous sign-up offer, this bonus is much more straightforward and easier to attain — although it’s also less flexible. Here’s why.
The card’s former offer enabled you to earn up to 60,000 bonus points, but in two different tiers: It awarded you 30,000 points after spending $3,000 on purchases in the first three months of opening the account. And then, for the first six months, you earned 2 points per $1 on spending that would otherwise have earned only 1 point, on up to $15,000 spent.)
The new offer of five free nights is certainly less complicated. But depending on how you book at Hyatt, the previous offer might have allowed you to redeem those 60,000 points for even more than five nights, assuming you booked lower-category properties.
Even so, if the Hyatt family is your hotel group of choice, you should easily be able to extract enough value from this new offer to more than make up for the card’s $95 annual fee. As a cardholder, you’ll also earn ongoing rewards in a variety of categories:
4 bonus points per $1 spent with your card at Hyatt hotels, including participating restaurants and spas. Properties under the Hyatt umbrella include the Park Hyatt, Miraval, Andaz and Hyatt Place. (On top of that, you’ll earn 5 points per dollar spent at Hyatt hotels by being a member of the World of Hyatt loyalty program.)
2 points per $1 on dining at restaurants, airline tickets purchased through the airline, fitness club and gym memberships, and local transit and commuting.
1 point per $1 on all other purchases.
You can redeem points for hotel stays, room upgrades, eligible purchases at select Hyatt locations and more.
In addition to the sign-up bonus, the card also offers a free night at any category 1-4 Hyatt hotel or resort every year after your cardholder anniversary, and an extra free night in a similar property if you spend $15,000 in a calendar year. As a cardholder, you’ll also get automatic Discoverist status, which makes you eligible for a 10% bonus on points earned on eligible purchases, an upgrade to a preferred room (if available), late checkout (if available) and waived resort fees on Free Night Awards.
“Licensees hold a position of trust in our communities and with this agreement, Colorado consumers will be protected from future harm,” Marcia Waters, the director of DORA’s Division of Real Estate, said in a press release. “All members of the public should be informed of the importance and long-standing ramifications of executing any documents which … [Read more…]
Depreciation and amortization are methods for deducting the cost of business assets over a number of years, as opposed to writing off the entire cost the year you make the purchase. The concept behind both is to match the expense of acquiring an asset with the revenue it generates.
The key difference between depreciation and amortization is the type of asset being expensed: Depreciation is used for tangible (physical) assets, while amortization is used for intangible (non-physical) assets.
Read on to learn exactly how depreciation and amortization work, how these two accounting methods are similar and different, and when to choose one or the other.
Key Points
• Depreciation and amortization deduct the cost of an asset over its useful life.
• Depreciation applies to tangible assets (e.g., buildings, machinery), while amortization is for intangible assets (e.g., patents, trademarks).
• Both depreciation and amortization provide tax benefits by allowing businesses to deduct asset costs over time.
• Depreciation often uses straight-line or accelerated methods; amortization typically follows a straight-line schedule.
• Depreciation reflects wear and tear on physical assets, whereas amortization accounts for non-physical assets’ value decline.
Amortization vs Depreciation
Similarities Between Amortization and Depreciation
Differences Between Amortization and Depreciation
Both are used to deduct the cost of a business asset over time
Amortization is for intangible assets; depreciation is for tangible assets
Both are non-cash expenses
Depreciation has salvage value; amortization does not
Depreciation use straight-line or accelerated method; amortization uses only straight-line method
Similarities
Both depreciation and amortization are accounting methods used to spread the cost of an asset over a specified period of time. With both, you are able to deduct a certain portion of the asset’s cost — and reduce your tax burden — each year for the number of years that asset is of value to your business.
In addition, both depreciation and amortization are non-cash expenses, which means they are reported on the income statement of the company, but no cash is spent.
Differences
The key difference between amortization and depreciation is that amortization is used for intangible property (meaning property you can’t pick up and hold), such as a patent or computer software program.
Depreciation, on the other hand, is used for fixed assets or tangible property (meaning assets that are physical in nature), such as computers, manufacturing equipment, and cars.
Another distinction: With depreciation, you cannot deduct the full cost of the asset. You must account for its resale value at the end of its useful life. For example, if you pay $20,000 for a piece of farming equipment and at the end of its useful life (10 years) you think you’ll be able to sell it for $5,000, then you would only deduct $15,000 over the course of 10 years.
In addition, amortization is almost always implemented using the straight-line method, whereas depreciation can be implemented using either the straight-line or an accelerated method.
Recommended: How to Read Financial Statements
What Is Amortization and How Does It Work?
Amortization is a method of spreading the cost of an intangible asset over a specific period of time, typically the course of its useful life. Intangible assets are non-physical in nature, but are nonetheless considered valuable assets to a business.
Types of intangible assets a business may have include:
• Patents
• Trademarks
• Copyrights
• Software
• Franchise agreement
• Licenses
• Organizational costs
• Costs of issuing bonds to raise capital
Amortization is typically expensed on a straight-line basis, which means that you would divide the total cost of the asset by the number of years it will provide use to the business, then deduct that amount each year.
To determine an intangible asset’s useful life, you need to consider the length of time that the asset is expected to produce benefits for the business. An intangible asset’s useful life can also be the length of the contract that allows for the use of the asset.
(Something to note: The term “amortization” is also used in a different way in relation to loans, such as the amortization of a car loan or mortgage. The loan amortization process involves making fixed payments each pay period with varying interest, depending on the balance.)
Amortization Example
How amortization works is relatively simple. Let’s say you purchase a license for $10,000 and the license will expire in 10 years. Since the license is an intangible asset, it would have no salvage value and the full cost would be amortized over that 10-year period.
Using the straight-line method of amortization, your annual amortization expense for the license will be $1,000 ($10,000/10 years), meaning the asset will decline in value by $1,000 every year and you would be able to deduct $1,000 each year on your taxes.
Recommended: Guide to Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
What Is Depreciation and How Does It Work?
Depreciation is the process of spreading the cost of a tangible or fixed asset over a specific period of time, typically the asset’s useful life. Tangible business assets (which the IRS refers to as “property”) are high-cost physical items that are owned by a business and are expected to last more than a year. They include:
• Buildings
• Equipment
• Computers
• Office furniture
• Vehicles
• Machinery
Unlike intangible assets, tangible assets typically still have some value even after they are no longer of use to a business. This value is known as resale or “salvage” value. Because the IRS assumes you will sell off the asset at some point, this amount must be accounted for in the beginning.
What is the useful life of a tangible asset? You can refer to IRS Publication 946 PDF File for guidance, which provides useful life by asset type. For office furniture, for example, it’s seven years. For computers, it’s five years.
To calculate depreciation, you need to first subtract the asset’s estimated salvage value from its original cost. Using the straight-line deduction method, you would then take that number and divide it by the number of years the asset will be of use to your business. There are other methods of depreciation that accelerate the process, meaning that a larger portion of the asset’s value is expensed in the early years of the asset’s life.
Recommended: Business Cash Management, Explained
Depreciation Example
Depreciation works in a very similar way to amortization, except that you must account for salvage value. Let’s say you purchase a $3,000 computer for your company. Per the IRS, a computer has a useful life of 60 months (or five years). After five years, you determine you’ll likely be able to sell it for $500. Here are the calculations you would make:
$3,000 – $500 = $2,500
$2,500 / 5 = $500
That means that each year for five years, you would be able to deduct $500 on your taxes.
Keep in mind that after the end of the computer’s designated useful life, you can (but are not obligated to) sell that computer. Either way, you would stop deducting the item’s depreciation as a business expense.
The Takeaway
Depreciation and amortization are both methods of calculating the value of business assets over time. Amortization vs. depreciation just depends on the type of asset you have acquired for your business.
Amortization is used for intangible (non-physical) assets, while depreciation is used for tangible (physical) assets. As a business owner, you will want to calculate these expense amounts in order to use them as a tax deduction and reduce your business’s tax liability.
If you’re in the market to purchase an asset (tangible or intangible) for your company but don’t want to deplete your cash reserves, you may want to explore funding options, such as a small business loan, equipment financing, or inventory financing.
If you’re seeking financing for your business, SoFi can help. On SoFi’s marketplace, you can shop top providers today to access the capital you need. Find a personalized business financing option today in minutes.
Get personalized small business financing quotes with SoFi’s marketplace.
FAQ
Do buildings depreciate or amortize
Buildings are fixed assets, so they depreciate. Depreciation is used for physical assets like buildings to account for their wear and tear over time.
Can an asset amortize and depreciate at the same time?
No, an asset cannot amortize and depreciate at the same time. Amortization is used to spread out the cost of an intangible asset over time, while depreciation is used to spread out the cost of a tangible asset over time. An asset is either tangible or intangible — it can’t be both.
Is rent considered amortization?
No, paying rent is an operating expense for your business. If you own a rental property, however, you can use depreciation to spread the cost of buying or improving the property across the useful life of the property.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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“It’s great news that starter homes are becoming a little more affordable, but there’s a catch,” said Redfin senior economist Elijah de la Campa. “Starter homes aren’t what they used to be. A decade ago, a turnkey four-bedroom house in a nice neighborhood was often considered a starter home, but today, a small fixer-upper condo … [Read more…]
When Halloween rolls around, Nashville comes alive with exciting places to trick-or-treat. Whether you’re looking for classic neighborhoods, spooky events, or a mix of both, there’s no shortage of great locations to collect candy and enjoy the festive spirit. From well-known areas to Nashville hidden gems, here are the top spots to explore this Halloween in Music City.
Interested in moving to Nashville, TN? Check out: Apartments for rent in Nashville, TN | Houses for rent in Nashville, TN | Homes for sale in Nashville, TN
Want to discover the best trick-or-treating spots in Nashville? One local shares her top recommendations for a spooktacular Halloween!
“As a local resident and founder of Southern Standard Nannies, I appreciate the diverse range of trick-or-treating spots Nashville has to offer. Attractions like Boo at the Zoo at the Nashville Zoo and Halloweekend at the Adventure Science Center provide safe, exciting experiences for all ages, while Trunk-N-Treat at Tee Line Nashville is a fun community gathering.
Neighborhoods such as 12 South, Belmont Blvd, Eastland Street, and Richland Avenue offer traditional door-to-door trick-or-treating in metro Nashville. Just south of town, areas like Foxboro Estates in Brentwood, Westhaven, West Main Street in Franklin, and East Main Street in Murfreesboro are also excellent options for a memorable Halloween experience. These locations foster a safe, festive atmosphere, allowing everyone to enjoy the magic of Halloween.” – Laura Frank, Founder – Southern Standard Nannies
Head over to Tee Line Nashville at 106 Duluth Ave. for a laid-back, free Halloween event that’s perfect for trick-or-treaters of all ages. “This year’s Annual Trunk-or-Treat is happening on Saturday, October 26, from 3 to 7 p.m., and no reservations are needed — just show up and join in the fun!
You can expect plenty of candy, games, snacks, and beer tents for adults. After collecting treats, stick around to enjoy Tee Line’s offerings, from dinner to bowling or even trying curling on the ice. It’s a great way to make trick-or-treating in Nashville a fun, memorable experience.
Want to decorate your trunk and pass out candy? Reach out to our Manager Ashli by Oct. 19th to reserve your parking spot by emailing me at [email protected].” – Alexis Shadler, Marketing and Events Manager – Tee Line
2. Visit some apartment buildings
As many longtime residents can attest, Nashville offers a fantastic environment for Halloween celebrations, even if you go door-to-door around apartment communities instead of neighborhoods.
“Moving from New York City to Nashville twelve years ago, when my children were still young enough to delight in Halloween, was one of the most wonderful parts of putting down roots here! Can you imagine trick or treating in an apartment building? Nichol Lane is still our go-to spot, but I also love the Richland-Central neighborhood for the over-the-top directions and festive-spooky vibe.” – Reed Smythe & Co
For those seeking a unique Halloween experience, Full Moon Cineplex in Nashville stands out as a top choice.Whether you’re a fan of classic horror films or just looking for something different, this spot offers an ideal way to celebrate the season.
According to Paul Whitten of Nashville Adventures, “The best place to enjoy Halloween festivities in Nashville is at Full Moon Cineplex in Nashville. Old and timeless horror movies and a great dinner in an old movie theater. Perfect for Halloween in Music City!”
Lockeland Springs in East Nashville has built a strong reputation as one of the top trick-or-treating spots in the city. “Residents go all out on Halloween decorations and Eastland Ave is always swamped with other trick-or-treaters, which makes for a great environment for the young ones. Additionally, the street is often closed off and well-lit, making it easy and safe for families to navigate. Just make sure to park a few streets over.” – Cody Slingerland – Wandrly
For those looking for a fun trick-or-treating experience, Lenox Village provides a safe and welcoming atmosphere. Stop by the local coffee shops or restaurants to add to the festive fun.
“Lenox Village, located in South Nashville, offers a lively Halloween celebration full of thrills and chills. As the leaves turn and the air grows crisp, the community transforms into a festive village adorned with creative costumes and spooky decorations. Stroll through the charming, sidewalk-lined streets where neighbors embrace the full spirit of Halloween. Whether you’re dressed as a ghost, goblin, or something in between, Lenox Village promises an unforgettable Halloween celebration!” – Kristen Sperry – Lenox Village HOA
Nashville offers a variety of fun and safe places to enjoy Halloween and trick-or-treating, movies, and much more. Whether you prefer bustling neighborhoods, organized events, or local hotspots, there’s something for everyone to experience the magic of Halloween night. Get your costume ready and explore these top destinations for an unforgettable Halloween adventure.
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Chase is offering a new sign up bonus on the Chase Sapphire Preferred:
Earn 60,000 bonus points after $4,000 in purchases in your first 3 months from account opening
Earn an additional 10,000 points (70,000 points) after an additional $2,000 in purchases in your first 3 months from account opening ($6,000 total spend)
Plus, get up to $300 in statement credits on Chase Travel purchases within your first year
Card Details
$95 annual fee, not waived
No foreign transaction fees
Primary car rental insurance
$50 Annual Hotel Credit. (This is per cardmember year, rather than calendar year. Must be booked through the Chase Travel Portal.)
Card earns at the following rates:
5x on travel booked through the Chase Travel portal.
3x on Dining/Streaming Services/online grocery (excludes: excluding Target, Walmart and wholesale clubs)
2x on travel
1x on all other purchases
10% Anniversary point bonus. When you renew your card Chase will offer a 10% bonus spend. For example if you spend $25,000 you’d earn 2,500 bonus points. This is award after the annual fee is paid. This doesn’t apply to the sign up bonus.
Transferable points
Redeem points on Chase’s travel portal at a value of 1.25¢ due to the 25% travel redemption bonus
Not eligible if you’ve received a sign up bonus on the Sapphire Preferred/Reserve in the last 48 months (standard is now 48 months)
Chase 5/24 rule applies to this card
Our Verdict
Reader Michael reports this in branch offer. An extra 10,000 points for an extra $2,000 in spend is a good deal for most people, although if you have P2 refer you you’ll be better off with the other offer. We will still add this to the best credit card bonus page and mention it in the other posts.
Medical debt can be a heavy burden for individuals and families. And knowing unpaid medical bills could impact your credit can make the worry even worse. In an effort designed to relieve some of the stress on U.S. consumers, the way medical debt is treated by credit bureaus has changed in recent years. The timeline for unpaid health-care bills appearing on your credit reports is longer than it used to be. And some of those debts may not end up affecting your credit at all.
But make no mistake: There still can be consequences if a medical bill goes unpaid for too long.
Read on for a look at when unpaid medical debt can go on your credit reports and some steps you can take to protect and improve your financial health.
Key Points
• Unpaid medical bills can appear on credit reports, but there is a 365-day grace period before they do.
• Medical debts under $500 don’t show up on credit reports.
• Medical collections can stay on credit reports for seven years if unpaid.
• Medical debts paid after they appear on credit reports are removed from the reports, improving credit scores.
• Disputing errors on credit reports can help remove incorrect medical debt information.
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Do Medical Bills Affect Your Credit?
Your medical bills shouldn’t have any effect on your credit, as long as they don’t go unpaid for too long. Most health-care providers don’t report payment activity to the credit bureaus. So unless your account goes unpaid for so long that your provider gives up and sells the debt to a debt collector, it’s unlikely your delinquent account will appear on your credit reports.
Even if the account goes to collections, it can take a year or longer to impact your credit. That’s because the three major credit bureaus (Equifax, Experian, and TransUnion) now give consumers a full 365 days to clear up a medical debt that’s gone to collections before it goes on their credit reports. This year-long grace period allows more time for medical bills to make their way through the insurance approval and payment process, and it gives consumers more time to report billing issues to their provider or the debt collector, negotiate a smaller payment, or set up a payment plan.
More good news: If the initial balance that’s gone to collections is less than $500, the debt won’t ever become part of your credit report, so it won’t affect your credit score.
How Does Medical Debt Impact Your Credit Scores?
Medical bills that you’ve paid shouldn’t appear on your credit reports at all or affect your credit scores — even if you paid the bill after it went to collections. Existing paid medical collections were erased from credit reports in 2022, and the credit bureaus no longer include this information on their reports.
If your bill in collections goes unpaid past the 365-day grace period, however, it could turn up on your credit reports, and possibly have a negative effect on your credit scores. The amount of damage can vary, depending on what scoring model you — or a potential lender — is looking at. But it’s important to note that failing to pay a bill can affect the most significant factor in determining your credit scores — your payment history. So if a medical bill with a starting balance of $500 or more lands on your credit report, you could see a serious dip in your credit scores.
How Long Do Medical Bill Collections Stay on Your Credit Report?
A typical collections account can stay on your credit reports for about seven years, whether or not you eventually pay the debt. But medical accounts are treated differently than other types of debt.
When the credit bureaus are notified that you’ve paid off a medical debt in collections, they’ll remove the account from your credit reports, and you can expect your credit scores to improve.
If you don’t pay the medical debt, however, the collections account could remain on your credit reports for a full seven years after it becomes delinquent.
Can Medical Bills Be Removed from My Credit Report?
If you believe a medical bill in collections is showing up on your credit report by mistake, you can dispute the error with the credit bureau and the debt collector who reported it. After all, it takes time to build credit, and you want to make sure your record represents you accurately.
If your debt has been in collections for less than a year, if the starting balance was less than $500, if the debt has been paid by you or your insurance company, or if you can show that the information is incorrect in some other way, you can take the necessary steps to have it removed from your credit reports.
How to Dispute a Medical Bill on Your Credit Report
To dispute a medical bill on your credit report, the Consumer Financial Protection Bureau (CFPB) recommends starting with the credit bureau that included the account. Explain in writing what you think is wrong and why — and be sure to include documentation that supports your claim. The credit bureaus can then begin an investigation. (The CFPB provides sample letters and addresses for the credit bureaus.)
You should also reach out in writing to the debt collector that furnished the information and ask that it be corrected.
Finally, if your dispute continues to go unresolved, you can submit a complaint to the CFPB.
Recommended: Why Did My Credit Score Drop After a Dispute?
How Can You Check for Medical Debt on Your Credit Reports?
There are a couple of ways you can check your credit report to see if a medical debt is showing up there.
• If you’re paying for credit monitoring, or if your financial institution or credit card company provides a free credit score and summary each month, the information you’re looking for may be available as part of this service. You may even receive an alert if your credit score updates and there’s a significant drop.
• You’re also entitled by federal law to receive free copies of your credit reports from the major credit bureaus at AnnualCreditReport.com.
Don’t panic if a debt collector tells you that your unpaid account will soon affect your credit scores. Remember that you have a year-long grace period to pay the debt or clear up any errors before the account will show up on your credit reports.
Does Paying Off Medical Collections Improve Your Credit?
The best way to keep medical debt from dragging down your credit scores is to make sure your bills are paid on time (by you or your health insurance company). Even if your account goes to collections, paying is still an option — and it can help push your credit scores back up. Though the negative impact of having a collections account on your credit report diminishes with time, if the bill goes unpaid, it could sit on your record — where lenders can see it — for seven years.
Recommended: How to Build Credit
What If You Can’t Pay Your Medical Bills?
Even though it may be tempting, the worst thing you can do if you have medical debt is ignore it. Here are some options to consider if you’re wondering how to pay medical bills you can’t afford.
Ask About a Repayment Plan
Many hospitals and health-care providers will let you set up a payment schedule that allows you to pay over time. Best-case scenario, the option provided is fee- and interest-free. If you’re asked to sign up for a financing plan that will cost extra, make sure the terms work for you and that it’s still manageable within your budget.
Try Negotiating with Your Provider to Lower Your Bill
Sometimes, a health-care provider may be willing to accept a lower amount to avoid writing off the bill and selling the account to a debt buyer. (Even if the account has gone to collections, you may be able to settle for a lower payment. At that point, though, you’ll likely be negotiating with the debt collector, not the original creditor.)
See If You Qualify for Financial Assistance
Grants and other types of financial assistance are sometimes available for patients who are eligible based on their income, age, or other factors. A Google search may turn up some options, or your health-care provider or a support group may be able to pass along information.
Consider an Unsecured Personal Loan
If you can get manageable monthly payments and other terms that fit your needs, you may want to consider taking out a low-interest personal loan. Try to stay away from a loan that’s secured by your home or other assets, which could end up putting your financial well-being at greater risk if you default.
How Can You Keep Your Credit Scores Healthy Despite Challenging Medical Bills?
Small fluctuations in your credit scores are normal, but if you’re worried that an unpaid medical bill could cause a drastic drop, it’s important to keep your financial guard up. Here are some steps you can take to protect your scores:
Keep Paying Your Bills on Time
Your payment history is a big factor in determining your credit score, so do your best to stay on top of all your bills. If making timely payments is a struggle for you, you may find a spending app can help with budgeting, keeping track of billing due dates, and prioritizing payments.
Watch Your Credit Utilization
Lowering your credit card utilization ratio — the percentage of available credit that you’re using on your credit cards and other lines of credit — can help you get and keep your credit scores where you want them. If you’re relying heavily on credit to get by, and you’re close to maxing out your credit cards, you may need to reevaluate your spending and change up your budget. A money tracker app could help you stick to healthy financial habits.
Monitoring Your Credit Scores
Even if you’re on your best behavior, if an unpaid medical bill ends up on your credit report, it may take months before you see some improvement to your damaged credit scores. Credit score monitoring can help you better understand how certain actions can affect your creditworthiness.
The Takeaway
Watching your medical expenses pile up can be stressful — especially if you’re worried that your unpaid medical bills can go on your credit reports and lower your credit scores. Fortunately, the credit bureaus and credit score models have begun treating medical debt with a little more patience and consideration than other types of debt. But an unpaid medical account still can be a problem if you let it go for too long. So it’s important to stay on top of your medical bills, along with all your other financial obligations.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
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FAQ
Can unpaid medical bills affect your credit?
A medical bill will likely only affect your credit if it’s been unpaid for so long that it ends up going to collections. Even then, consumers have a full year to clear up a medical collections account before it goes on their credit reports. But if the bill goes unpaid after that grace period is up, it could affect your credit scores.
How do I remove a medical collection from my credit report?
To have a medical collection removed from your credit report, you can either pay the amount you owe or — if you think it’s in error — you can try disputing the bill with the credit bureau and the debt collector that reported it.
Is it a HIPAA violation to send medical bills to collections?
Not necessarily. The Health Insurance Portability and Accountability Act (HIPAA) has strict standards for how health-care providers and their business associates, including third-party debt collectors, handle sensitive personal health information. Debt collectors can receive and disclose information but only to the extent that it is absolutely necessary to perform their job.
Photo credit: iStock/Pekic SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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.