SoFi

One career path that is both challenging and rewarding is a medical biller and coder. How much does a medical coder make? According to data from the U.S. Bureau of Labor Statistics (BLS), medical records specialists (aka medical billers and coders) make a median of $47,180 per year, or $22.69 per hour.

Keep reading to learn what medical billers and coders do, and the qualifications and requirements.

What Are Medical Coders?

A medical biller and coder’s job responsibilities revolve around translating a physician’s medical reports into uniform medical codes that can be easily understood by insurers and other health care facilities. These professionals need to be detail-oriented, as one letter or number out of place can make a big difference. This type of work is also fairly independent and as such is a solid fit for introverts with anxiety.

A medical biller and coder steps in after the physician meets with a patient. Their work helps health insurance providers process the patient’s bill. Communication is primarily conducted using codes that describe medical diagnoses and procedures.


💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

Medical Coder Job Responsibility Examples

A medical biller and coder needs to know the following protocols:

•   Clinical documentation

•   Health information technology

•   Customer billing

•   Disease classification through ICD-10 codes

•   Medical services and procedures classification via CPT codes

•   Hospital facilities, supplies, and procedures through Inpatient coding

•   Medicare and Medicaid coding via HCPCS

Medical billers and coders also need to remain HIPAA-compliant throughout their work. HIPAA stands for the Health Insurance Portability and Accountability Act and deals with patient privacy.

How Much Do Starting Medical Coders Make?

According to the BLS’s most recent data from 2022, the bottom 10% of medical records specialists earn less than $31,710, typically at the entry-level stage. At the other end of the spectrum, 10% of workers in this role earn more than $75,460.

Medical coders may be paid by the hour or salaried.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

What Is the Average Salary for a Medical Coder?

On average, professional medical coders can expect to make $47,180 per year or $22.69 per hour. However, the type of medical coding job they take on can affect how much they’ll be paid. Some types of workplaces tend to pay more competitively for this skill set.

The top workplaces for medical coders and their mean salaries include:

•   Insurer carriers: $64,800

•   Physician offices: $42,800

•   Residential care facilities: $44,350

•   Administrative and support services: $57,950

•   Hospitals (state, local, and private): $54,210

The state someone lives in also impacts their earning potential as a medical biller and coder.

Average Medical Coder Income by State for 2022
State	Annual Salary	Monthly Pay	Weekly Pay	Hourly Wage
Hawaii	$52,844	$4,403	$1,016	$25.41
Nevada	$52,001	$4,333	$1,000	$25.00
Massachusetts	$51,403	$4,283	$988	$24.71
Rhode Island	$50,300	$4,191	$967	$24.18
Oregon	$50,218	$4,184	$965	$24.14
Alaska	$49,526	$4,127	$952	$23.81
North Dakota	$48,913	$4,076	$940	$23.52
Washington	$48,017	$4,001	$923	$23.09
New York	$46,948	$3,912	$902	$22.57
South Dakota	$46,907	$3,908	$902	$22.55
Maryland	$46,213	$3,851	$888	$22.22
Virginia	$44,919	$3,743	$863	$21.60
Kentucky	$44,416	$3,701	$854	$21.35
Colorado	$44,248	$3,687	$850	$21.27
Idaho	$44,081	$3,673	$847	$21.19
Delaware	$43,600	$3,633	$838	$20.96
New Hampshire	$43,488	$3,624	$836	$20.91
Nebraska	$43,362	$3,613	$833	$20.85
California	$43,304	$3,608	$832	$20.82
South Carolina	$43,147	$3,595	$829	$20.74
Vermont	$42,717	$3,559	$821	$20.54
Tennessee	$42,399	$3,533	$815	$20.38
Arkansas	$42,039	$3,503	$808	$20.21
Connecticut	$41,780	$3,481	$803	$20.09
Arizona	$41,470	$3,455	$797	$19.94
Illinois	$41,453	$3,454	$797	$19.93
Oklahoma	$41,434	$3,452	$796	$19.92
New Jersey	$41,340	$3,445	$795	$19.88
Michigan	$41,227	$3,435	$792	$19.82
Wyoming	$41,151	$3,429	$791	$19.78
Maine	$41,061	$3,421	$789	$19.74
Minnesota	$40,756	$3,396	$783	$19.59
Missouri	$40,633	$3,386	$781	$19.54
Indiana	$40,041	$3,336	$770	$19.25
Montana	$39,604	$3,300	$761	$19.04
West Virginia	$39,572	$3,297	$761	$19.03
Texas	$39,145	$3,262	$752	$18.82
Pennsylvania	$38,632	$3,219	$742	$18.57
Wisconsin	$38,480	$3,206	$740	$18.50
Ohio	$38,398	$3,199	$738	$18.46
Iowa	$38,048	$3,170	$731	$18.29
Utah	$37,811	$3,150	$727	$18.18
Kansas	$36,658	$3,054	$704	$17.62
New Mexico	$36,436	$3,036	$700	$17.52
North Carolina	$36,154	$3,012	$695	$17.38
Alabama	$36,123	$3,010	$694	$17.37
Mississippi	$35,956	$2,996	$691	$17.29
Florida	$34,025	$2,835	$654	$16.36
Georgia	$33,234	$2,769	$639	$15.98
Louisiana	$32,630	$2,719	$627	$15.69
Source: ZipRecruiter

Recommended: The Highest-Paying Jobs by State

Medical Coder Job Considerations for Pay and Benefits

Professionals considering this career path should keep benefits top of mind. Because most medical records specialists work full-time positions, candidates may want to focus their job search on roles that come with health insurance, paid time off, and retirement plans.

Pros and Cons of Medical Coder Salary

Before deciding to pursue a career as a medical biller and coder, consider these advantages and disadvantages.

Pros

•   Four-year degree not required. To become a medical biller and coder, only a short accredited training program is required. It generally takes 7-24 months to complete training.

•   Training can be completed online. This means that students can balance a full-time job and/or family obligations while completing their education.

•   Low training costs. These programs are typically much cheaper than pursuing a four-year degree or training for high-paying trade jobs. Students can expect to pay $1,000 to $3,000 per training program.

•   Work-from-home potential. Many medical biller and coder jobs are remote. This makes medical coding a good work-from-home job for retirees.

Cons

•   High school diploma or GED required. While students can skip the traditional college route in pursuit of this career path, they do generally need either a GED or high school diploma to be eligible for the required training programs.

•   Certification required. Once a student completes a medical biller and coding training program, they need to become certified. This requires passing both the Certified Professional Coder (CPC) and the Registered Health Information Technician (RHIT) exams.

•   Must renew certifications. One major hurdle associated with being a medical biller and coder is needing to renew your certification every two to three years.

•   Risk of carpal tunnel syndrome. Because of the repetitive typing motions with this role, developing carpal tunnel syndrome is a possibility.

Recommended: How Much House You Can Afford Based on Income

The Takeaway

Working as a medical biller and coder can be a great career path for individuals who are detail-oriented and like a job with consistent responsibilities. That said, this role does require formal training, passing certification exams, and maintaining a professional certification. So this career path requires a level of commitment.

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.

SoFi shows you how your money comes and goes at a glance.

FAQ

What type of medical coder makes the most money?

Hospital medical coders make the most money, as well as those in professional, scientific, and technical services. The median annual salary for those niches is $47,000.

What is the highest paid medical biller and coder?

The type of medical coding work someone does, their experience level, and their location can all impact earnings. The top 10% of high earners in the medical biller and coder field earn more than $74,200.

Is becoming a medical biller and coder worth it?

On the low end, 10% of medical coders earn less than $29,430. However, this career path offers much higher earning potential for committed and experiences pros.

---

Photo credit: iStock/Marco VDM

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.

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.

SORL0523003

Read more

YouTube is a lucrative platform for both marketers and content creators. YouTube had 1.7 billion unique monthly visitors and 14.3 billion visits per month in 2022 — more than Amazon, Facebook, Instagram, or Wikipedia — making it an advertiser’s nirvana. Talented influencers flock to YouTube to create video channels, and many earn around $60,000 per year on the platform from advertisers. However, they need at least 4,000 hours of unique content and at least 1,000 subscribers to do so.

Here’s a closer look at the average payouts for YouTubers and the heftier payouts for celebrity influencers with outstanding content.

How Much Do YouTubers Make on Average in 2023?

The salary and career website ZipRecruiter reports that the average YouTuber made around $66,000 per year as of May 2023. That’s competitive pay for an entry-level salary. The highest salaries for YouTubers are around $80,000, while the lowest are around $53,500. Interestingly, the range between higher- and lower-paid YouTubers is only around $8,500, implying that experience does not lead to significant advancement.

ZipRecruiter also finds 10 cities where the typical salary for a YouTube Channel job is above the national average, and they are all in California. The leading city is Sunnyvale, where salaries are almost 30% higher than average, followed by Livermore and Vacaville. Although YouTube salaries are higher in California, the cost of living is also high, which might cancel out any salary gains.


💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

Top 10 YouTubers for 2022

The following is a list of the 10 most-subscribed YouTubers along with a brief overview of the reasons for their online appeal. The data were sourced from Search Engine Journal, an online news source for the SEO and marketing community.

1. MrBeast

Subscribers: 116 million; Views: 19,263,779,296

MrBeast, aka Jimmy Donaldson, is a young YouTuber and philanthropist originally from Greenville, North Carolina. He began posting videos in 2013, when he was just 13 years old. He went viral in 2017 with his “counting to 100,000” video. His videos include survival challenges, vlogs, and philanthropic content. Other than the MrBeast channel, Donaldson also runs Beast Reacts, MrBeast Gaming, MrBeast 2, and a philanthropy channel called Beast Philanthropy. Donaldson was recently named one of the world’s 100 most influential people by Time magazine.

2. PewDiePie

Subscribers: 111 million; Views: 28,783,562,329

PewDiePie, or Felix Arvid Ulf Kjellberg, is a Swedish gaming YouTuber. He registered his channel “PewDiePie” in 2010 and primarily posted videos of himself playing horror and action video games. His channel was one of the fastest-growing channels in 2012 and 2013, and it soon diversified to include vlogs, comedy, shows, music videos, and fundraising. Some of Kiellberg’s content became controversial, and after 2019, Kjellberg semi-retired and uploaded less consistently. In 2016, he was named one of the world’s most influential people by Time magazine.

3. Like Nastya

Subscribers: 102 million; Views: 85,894,111,041

Anastasia Sergeyevna Radzinskaya, or Like Nastya, is a Russian-American YouTuber born in 2014. Her content targets a young audience and features children’s songs, educational entertainment, unboxings (opening parcels containing toys), vlogging, and role play. Nastya’s content is dubbed into multiple languages, including German, Arabic, Bangla, French, Portuguese, Hindi, Spanish, Korean, Vietnamese, and Indonesian. According to Techie and Gamers, a tech media site, she has an estimated annual income of $20 million.

4. Justin Bieber

Subscribers: 70.7 million; Views: 29,324,935,875

Justin Bieber is known, first and foremost, as a Canadian musician. His original YouTube channel was called Kidrauhl — so named because his father called himself “Lordrauhl.” Bieber posted videos of his songs on Kidrauhl and became famous through the platform. Bieber’s channel Kidrauhl was renamed “Justin Bieber” in 2017.

5. Marshmello

Subscribers: 56.1 million; Views: 13,873,454,613

Marshmello’s real name is Christopher Comstock. He is an American musician, DJ, and producer of electronic music. In 2015, Marshmello began publishing remixes online. “Alone” was his first single to be certified platinum in the United States and Canada. He has collaborated with other musicians, such as American R&B singer Khalid, American singer Selena Gomez, and American rapper Juice Wrld. Marshmello’s trademark image is a custom white helmet, resembling a marshmallow. He kept his identity a secret until Forbes confirmed his real name in 2017.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

6. EminemMusic

Subscribers: 54.4 million; Views: 24,883,449,535

Marshall Bruce Mathers III, known as Eminem, is an American rapper, songwriter, actor, and record producer. His debut album, “Infinite,” was released in 1996. Rolling Stone has included him in its lists of the 100 Greatest Artists of All Time and the 100 Greatest Songwriters of All Time. In November 2022, Eminem was inducted into the Rock and Roll Hall of Fame. His YouTube channel features his music videos and is called EminemMusic.

7. Ed Sheeran

Subscribers: 52.7 million; Views: 28,695,696,678

Edward Christopher Sheeran is an English singer-songwriter and actor who began writing songs when he was eleven years old. Sheeran’s first hit single was “The A Team” from his debut album, “Plus.” Sheeran’s second album, “Multiply,” topped charts worldwide in 2014. Sheeran is one of the world’s best-selling musicians and was the most followed artist on Spotify in 2022. In December 2019, the Official Charts Company named him artist of the decade.

8. Ariana Grande

Subscribers: 52.1 million; Views: 22,802,079,830

Ariana Grande-Butera is an American singer, songwriter, and actress who is noted for her vocal range. She has two Grammy Awards, one Brit Award, one Bambi Award, two Billboard Music Awards, three American Music Awards, nine MTV Video Music Awards, and 30 Guinness World Records. Grande is the most streamed female artist of all time and the most subscribed female solo artist on YouTube. Rolling Stone placed her in their list of 200 Greatest Singers of All Time (2023). Grande advocates for animal rights, mental health, and gender, racial, and LGBT equality.

9. Taylor Swift

Subscribers: 50.4 million; Views: 27,275,211,507

Taylor Alison Swift is an American singer-songwriter. She was born in West Reading, Pennsylvania, but moved to Nashville at age 14. Her 2006 debut album “Taylor Swift” made her the first female country artist to write a U.S. platinum-certified debut album. Swift is one of the best-selling musicians in history and the only person to have five albums open with over one million copies sold in the United States. Swift has been named in Rolling Stone’s 100 Greatest Songwriters of All Time. She has also been named Artist of the Decade and Woman of the Decade and is an advocate for artists’ rights and women’s empowerment.

10. JuegaGerman

Subscribers: 46.8 million; Views: 14,016,556,814

Germán Alejandro Garmendia Aranis is a Chilean YouTuber, singer-songwriter, comedian, and writer. His YouTube channel HolaSoyGerman features humorous videos about everyday situations. He has another YouTube gaming channel called JuegaGerman, which is the second-most subscribed channel in the Spanish language. He has a vibrant musical career and has released two books. German was listed as one of the biggest YouTube stars by The Washington Post and one of the most influential people in Time magazine.

How Much Money Does a YouTuber Make Per View?

YouTubers make money from advertisers who place ads with their videos. YouTubers are paid based on how many of their viewers watch the ads that accompany their content. Even if a video gets thousands of views, if no one watches or clicks on the ads, the YouTuber won’t make any money. For a YouTuber to be compensated, a viewer must either click an ad or watch the video ad in full. According to data from Influencer Marketing Hub, the average YouTube channel receives around $0.018 per view.

How Much Do YouTubers Make Per 1,000 Views?

A YouTuber earns roughly $18 per 1,000 ad views. YouTuber earnings vary depending on whether a video is short or long-form. YouTubers’ reported income per 1,000 views range between $1.61 and $29.30 for long-form videos. For short-form videos, the payouts were between $0.04 to $0.06 per 1,000 views.

How Much Does a YouTuber Make With 1 Million Subscribers?

The money made on YouTube may not be consistent, particularly for creators who don’t upload new content regularly to ensure a growing following. One YouTuber with 1 million subscribers made between $14,600 and $54,600 per month.

How Much Ad Revenue Does YouTube Pay Content Creators?

According to Influencer Marketing Hub, creators earn about 55% of the revenue on their channels — for every $100 an advertiser pays, Google pays $55 to the creator. It’s unlikely that a creator will make much money until there is significant traffic to the site and viewers click on ads.

There are some ads that pay per thousand views, but for the view to be counted for payment, a viewer must watch an ad for at least 30 seconds (or half the ad for a very short video). If viewers do click on or view ads for long enough to earn income, the creator shares any advertising revenue with YouTube. Creators only get paid once their AdSense account reaches $100.

The Takeaway

With 1.7 billion unique monthly visitors and 14.3 billion visits per month, YouTube is a go-to platform for entertainment, education, and marketing. Many YouTubers and celebrities reap millions from ad revenue by posting music videos, gaming videos, entertainment, and educational content. However, for the less famous, it is possible to earn $60,000 to $80,000 a year, which is a competitive salary. YouTubers need traction and a significant following. Pay-outs are typically based on ad views and are made through Google Adsense.

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.

SoFi shows you exactly how your money comes and goes at a glance.

FAQ

How much does a YouTuber make a year?

ZipRecruiter reports that the average YouTuber makes around $66,000 per year as of May 2023. The highest salaries are around $80,000, while the lowest are around $53,500.

How much does a YouTuber with 1 million subscribers make?

One YouTuber with about 1 million subscribers made between $14,600 and $54,600 per month. However, the money made on YouTube may not be consistent, particularly for creators who don’t upload new content regularly to ensure a growing following.

Do YouTubers get paid monthly?

YouTube uses an algorithm created in AdSense to decide when and how much to pay content creators. AdSense is a separate entity owned by Google. Vloggers that gain enough traction to warrant earnings are paid monthly via direct deposit.

---

Photo credit: iStock/Youngoldman

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.

SORL0523010

Read more

Credit scores are a measure of your overall financial health and how responsibly you manage debt. If you’re curious about which entries on a credit report will decrease your credit score, the biggest culprits are late payments, missed payments, collection accounts, foreclosure proceedings, and bankruptcy filings.

Are those the only things that can negatively impact your credit scores? Not necessarily. Can you do anything about entries on your credit that decrease your score? Perhaps, if you’re able to dispute them. Filing a credit report dispute may help to add points back to your score.

Credit Report Basics

A credit report dispute allows you to challenge information that you believe is inaccurate. If you’d like to initiate a dispute, you’ll first need to know how to read a credit report.

Credit reports include four categories of information:

•   Personal information. This section of your credit report includes your name and any other names that you’re known by, your date of birth, Social Security number, addresses you’ve lived at, and employment history. Your personal information does not affect your credit scores in any way.

•   Credit accounts. Information about your credit accounts is used to calculate your credit scores. Here, the most relevant details include what types of credit you’re using, when your accounts were opened, your available credit limit and current balance, the monthly minimum payment, and your payment history.

•   Credit inquiries. A credit inquiry can show up on your credit reports when you apply for a loan or line of credit if it’s a “hard” credit pull. The difference between a soft credit inquiry vs. hard credit inquiry is that hard inquiries can affect your credit scores, while soft inquiries do not.

•   Public records. Information that’s included in the public record about your credit accounts goes here. The types of things that can be listed include collection accounts, judgments from creditor lawsuits, and bankruptcy filings.

There are three major credit bureaus that compile credit reports: Equifax®, Experian®, and TransUnion®. Thus, you can have multiple credit reports. A tri-merge credit report compiles information from all three bureaus into a single report. As far as which credit bureau is used most, there’s no single answer as it depends on the lender.


💡 Quick Tip: Check your credit report at least once a year to ensure there are no errors that can damage your credit score.

When Can I Dispute Credit Report Information?

Under the Fair Credit Reporting Act (FCRA), you have the right to dispute inaccuracies on your credit reports with the credit bureau that’s reporting the information. You can file a dispute at any time.

Examples of errors you can dispute include:

•   Credit accounts listed that don’t belong to you

•   Inaccurate payment history or balances

•   Current accounts that are erroneously reported as past due

•   Duplicated entries for the same account

Why would someone want to dispute a credit report? In short, doing so can help your credit score if you’re able to get inaccurate information corrected or removed.

Information from your credit reports is used to calculate your credit scores. FICO® scores are the most widely used credit scoring model. Simply put, it’s a three-digit credit score ranging from 300 to 850 that reflects your credit health. The higher your score, the less risky you appear to lenders.

A middling or “fair” credit score is anything between 580 and 669. Fair credit can get you approved for loans, but you’ll need a good to excellent score to qualify for the lowest interest rates.

Does Filing a Dispute Hurt Your Credit?

Disputing credit reporting errors won’t hurt your credit. Depending on the outcome of the dispute, it could even help your score. During the dispute process, the credit bureau is legally required to investigate your claim to determine if your reason for the dispute is valid.

Keep in mind that disputing credit report errors isn’t necessarily an instant fix for bad credit. If you have multiple negative items on your report, then getting just one of them corrected or removed may do little to improve your score. Disputing information could hurt your credit if a correction negatively affects your credit file.

It’s also important to know that disputing credit report information doesn’t guarantee its removal or correction. If there’s negative information on your credit reports but it’s accurate, you can’t dispute it. The upside is that most negative information falls off your reports after seven years, though it can take up to 10 years for a Chapter 7 bankruptcy filing to disappear.


💡 Quick Tip: An easy way to build your credit score? Pay your bills on time. Setting up autopay can help you keep your account in good standing.

Possible Outcomes of Disputes

When you file a credit report dispute, the credit bureau has 30 days to investigate it. That involves reaching out to the business that reported the information initially to confirm whether it’s correct. The business must review your account history and report back to the credit bureau that’s handling the dispute.

There are several ways your dispute might be resolved.

•   Scenario #1: Your dispute is deemed to be frivolous by the credit bureau. The investigation will stop and you’ll be notified as to why. You may be given an opportunity to provide additional information to support your claim.

•   Scenario #2: The business that reported the information acknowledges an error. It must send written notice to all three credit bureaus to have the information corrected. The credit bureau must send a correction notice to anyone who received your credit report in the previous six months. Notices must also be sent to anyone who ran a credit check for employment for you in the past two years.

•   Scenario #3: The business verifies that the information is accurate. No change is made to your credit report.

When your dispute is upheld, the credit bureau must correct or remove the inaccurate information. If a dispute is not resolved in your favor, you can ask the credit bureau to include a statement of the claim in your credit file. You can also ask the credit bureau to send a copy of the dispute statement to anyone who’s received your credit report but you might pay a fee for that.

Note that you can also add or update personal information to your credit file. For instance, you might choose to add a recent address or a job to your employment history. Changes to personal information won’t affect your credit scores.

Disputes Related to Accounts, Inquiries, and Bankruptcy

Disputes involving credit accounts, inquiries for credit, and bankruptcy cases can have the same outcomes as described above. Depending on what the investigation finds, your account may be:

•   Updated to reflect accurate information

•   Deleted entirely from your credit report

•   Unchanged, if the information is deemed correct

The outcome can determine what changes you might expect, if any, to your credit score. Having negative information corrected or removed can help your score, though the extent of the improvement depends on whether you have other negative items on your report.

If you’re interested in how to find out your credit score free, there are a few ways to do it. First, you might be able to get your credit score for free from one of your credit card companies. Many issuers offer free FICO scores as a cardmember benefit.

Signing up for free credit score monitoring is another option. In terms of what qualifies as credit monitoring, it generally refers to any service that automatically tracks changes to your credit reports that affect your credit scores. For example, that might include opening or closing credit accounts, late or missed payments, or paid-off accounts.

Recommended: Do Banks Run a Credit Check for Checking Accounts?

How Long Will Information Stay on My Credit Report?

Generally, negative information can stay on your credit report for seven years. That includes things like:

•   Late payments

•   Missed payments

•   Charge-offs

•   Collection accounts

•   Creditor judgments

•   Foreclosure proceedings

As mentioned, a Chapter 7 bankruptcy filing can stay on your credit report for up to 10 years. A Chapter 13 bankruptcy can linger for up to seven years. As long as information on your report is accurate, it can’t be removed prematurely, even if that information is negative. Once the time is up for reporting of a negative item, it will fall off naturally; you shouldn’t have to request its removal.

Credit inquiries can stick around for 24 months, while positive information about your credit accounts can remain indefinitely. If you close any credit accounts in good standing, they can stay on your credit reports for up to 10 years.

What Are Some Ways to Avoid a Credit Score Drop?

Practicing good financial habits is the easiest way to avoid a credit score drop. You can do that by:

•   Paying credit accounts on time

•   Keeping credit card balances low relative to your credit limits

•   Limiting how often you apply for new credit

•   Using a mix of credit types, including loans and credit cards

•   Keeping older accounts open

Reviewing your credit reports regularly for errors or inaccuracies is another way to prevent credit score hits. You can dispute those errors to have them removed or corrected, which can help your score recover if it’s dropped temporarily.

How to Dispute Accurate Information in Your Credit Report

Accurate information on a credit report usually isn’t up for dispute, unless the same account is being reported multiple times. In that case, you dispute the “extra” entries on your report to have them removed.

If there’s negative but accurate information on your credit report, then you might try writing a goodwill letter to the creditor asking them to remove it. However, they have no obligation to honor your request. If the account is past due and they’ve been trying to collect what’s owed, they may also ask you to pay before they delete the item.

Credit repair companies charge you to remove negative items from your report. However, the tactics they use are ones that are already available to you, including disputing negative information, goodwill letters, and paying for deletion. It’s important to weigh whether paying a fee to repair credit is worth it, especially if the company’s promises seem too good to be true.

The Takeaway

Keeping up with credit scores is important if you plan to borrow money. The better your score, the easier it is to get approved for loans and qualify for the lowest rates.

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.

SoFi helps you get your money right.

FAQ

What factor causes your credit score to decrease the most?

Negative payment history has the biggest impact on credit scoring under the FICO model. Late payments, missed payments, charge-offs, collections, foreclosure proceedings, and bankruptcies can all hurt your credit score more so than things like new credit inquiries or closing credit accounts.

What are negative entries on a credit report?

A negative entry on a credit report is anything that’s harmful to your credit score. That can include late payments, missed payments, collection accounts, and judgments. A high credit utilization ratio can also negatively affect your credit scores.

What are 3 ways to decrease your credit score?

Three things that can hurt your credit score are paying late, not paying at all, and running up high balances on credit cards relative to your credit limits. Letting accounts slip into collections, being sued by creditors for debt, and filing bankruptcy can also cost you major credit score points.

---

Photo credit: iStock/Daniel de la Hoz

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.

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 .

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.

SORL0523009

Read more

Linemen are critical for keeping utility services running smoothly. If you’re interested in this career path, you might be wondering how much does a lineman make a year. The mean annual salary for electrical power line installers and repairers was $82,770 in 2022, according to the Bureau of Labor Statistics (BLS).

It’s possible to make more money (or less) depending on how many years of experience you have and where you’re employed. Looking at hourly and annual wage data can provide a clearer answer to the question of how much money does a lineman make.

What Is a Lineman?

A lineman or line installer and repairer is someone who works with electrical power systems and telecommunications systems. The typical duties and responsibilities of a lineman include:

•   Installing, maintaining, and repairing electrical power lines

•   Identifying defective components within electrical systems, such as transformers or voltage regulators

•   Erecting power poles and stringing electrical lines

•   Inspecting and testing power lines and equipment

•   Operating power equipment to complete repairs or installations of electrical system components

Linemen can work in different specialty areas. For example, some linemen exclusively work on electrical power substations, while others may install and repair fiber optic cables. Line repairers may be dispatched to repair electrical lines or telecommunications systems following a natural disaster, such as a hurricane.

A lineman’s work requires being outdoors much of the time. Unlike retail or restaurant workers, they typically have limited interaction with the public, which could make this one of the best jobs for introverts.

However, they still have to communicate with colleagues, so it’s not necessarily one of the best jobs for antisocial people who prefer to work alone.


💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

How Much Does a Starting Lineman Make?

What is a good entry-level salary for a lineman? Entry-level salaries for electrical linemen vary depending on where they’re located, their educational background, and which company they’re employed with. At the low end of the spectrum, lineman jobs pay an annual wage of $40,070, according to the BLS.

How does salary vs. hourly pay compare for linemen? Again at the low end, a starting lineman makes $22.63 an hour, according to BLS data. At the high end of the scale, a lineman earns $55.09 per hour or $114,590 in annual salary. These estimates assume that a full-time schedule for a lineman works out to 2,080 hours per year.

When discussing how much does a lineman make an hour, it’s important to consider the bigger picture. The actual hourly wage for a lineman can depend on how many hours they work per year and how many of those hours are paid at their regular wage, versus overtime pay or time-and-a-half.

Hourly and annual pay for linemen can increase as they gain more experience. For example, if you’re asking how much does a journeyman lineman make, you’re likely to get a different answer compared to someone who’s just starting out. Journeyman linemen are fully trained and can have years of experience, while a regular lineman may still be at the apprentice stage.

Recommended: 11 Work From Home Jobs Great for Retirees

What Is the Average Salary for a Lineman?

The average annual salary for a lineman is $82,770, according to the BLS, while the median salary is $82,340 per year. The median lineman salary reflects the middle ground between the highest and lowest salaries. Average salaries reflect the mean of all salaries earned by linemen.

The average lineman salary by state may be higher or lower than the national average. Here’s a comparison of the average lineman salary by state, based on BLS data for 2022.

Average Lineman Salary by State for 2022
State	Annual Salary	State	Annual Salary
Alabama	$81,540	Montana	$94,250
Alaska	$92,060	Nebraska	$77,880
Arizona	$87,830	Nevada	$71,520
Arkansas	$66,580	New Hampshire	$86,420
California	$104,680	New Jersey	$104,160
Colorado	$89,660	New Mexico	$65,820
Connecticut	$109,670	New York	$104,060
Delaware	$86,880	North Carolina	$68,790
Florida	$71,890	North Dakota	$94,630
Georgia	$70,200	Ohio	$80,410
Hawaii	$109,430	Oklahoma	$68,650
Idaho	$96,180	Oregon	$108,200
Illinois	$100,330	Pennsylvania	$86,280
Indiana	$77,010	Rhode Island	$101,550
Iowa	$88,570	South Carolina	$66,730
Kansas	$81,570	South Dakota	$79,180
Kentucky	$72,020	Tennessee	$71,100
Louisiana	$68,650	Texas	$70,090
Maine	$81,350	Utah	$75,340
Maryland	$83,970	Vermont	$92,680
Massachusetts	$99,030	Virginia	$70,100
Michigan	$91,060	Washington	$105,890
Minnesota	$94,080	West Virginia	$77,910
Mississippi	$68,930	Wisconsin	$93,050
Missouri	$78,640	Wyoming	$87,270

If you’re wondering what trade makes the most money, jobs in the electrical field certainly make the list. When you look at the bigger picture, lineman positions can be some of the highest paying jobs by state.

In terms of what is competitive pay for a lineman, it’s easy to see that some states have a much higher average salary than others. The top states for lineman jobs, which includes California, pay $100,000 or more a year on average. But is $100,000 a good salary for this kind of work? That’s an important question to ask, since this type of job can be more physically intensive — and dangerous — than others.

Whether a six-figure salary is good or not can depend largely on how you use it. If you’re focused on saving, then $100K a year might go pretty far. On the other hand, if you’re struggling with debt or don’t keep a regular budget, then you might have a hard time making ends meet, even with six-figure pay.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Lineman Job Considerations for Pay & Benefits

Becoming a lineman may require no more than a high school diploma or equivalent. Instead of earning a bachelor’s or advanced degree, you may learn everything you need to know on the job through hands-on training. Most linemen work regular business hours and schedules, though they may be expected to work weekends or respond to emergency calls for service.

If you’re working full-time, your employer may offer a benefits package that includes health insurance, a retirement plan, and other perks. That, along with a solid annual salary, can make this kind of work appealing.

Again, how much much money a lineman makes can depend on what kind of experience they have and where they’re located. Living in California or New York, for example, can help you unlock higher pay. However, that can also mean dealing with a higher cost of living, which can put more of a strain on your paycheck. And of course, inflation can also affect your hourly wage.

Pros and Cons of Lineman Salary

It’s easy to be persuaded that a career as a lineman could be worthwhile when you’re looking solely at the average annual salary. If you’ve paid attention to any of the recent discussions about raising the minimum wage, you should be aware that linemen make a significantly higher hourly rate.

Making more money can be a good thing if you’re able to reach your financial goals. That might include keeping an emergency fund, putting money away for retirement, or paying down debt. As mentioned, lineman jobs can also come with good benefits, depending on where you’re employed.

Now, what about the cons? Lineman work can be stressful and may involve working long hours if you’re repairing power lines after a natural disaster. You may be required to work in less than ideal weather conditions, including extreme cold or heat. A lot of driving can be involved if you’re constantly moving from one location to another.

The job itself can be dangerous, since linemen routinely climb power poles and deal with high-voltage electricity. Minor or major injuries and even deaths can occur on the job. While linemen are specially trained to deal with different types of emergencies, this is still one of the most hazardous occupations overall.

The Takeaway

Working as a lineman is something you might consider if you’d like to bank a higher salary and you don’t mind physically strenuous work outdoors. Comparing the average lineman salary by state can be helpful when deciding where to apply for a position.

SoFi can help you get your money right.

FAQ

What is the highest salary for a lineman?

The highest average salary by state for a lineman is $109,670. That’s what linemen in Connecticut earn on average per year. Where you live and work can make a difference in how much money you can make as a lineman, as some states have much higher average pay than others.

Does a lineman make six figures?

There are lineman jobs that pay six figures per year. Whether you can make six figures as a lineman will depend largely on your experience and where you live.

What does a lineman make in Texas?

Texas is one of the lower-paying states for lineman jobs. The average annual salary for a lineman in Texas is $70,090, according to the Bureau of Labor Statistics. Whether that’s a good salary to live on can depend on your expenses and which part of Texas you call home.

---

Photo credit: iStock/Prapat Aowsakorn

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.

SORL0523002

Read more

Owning a home — or another type of property — with another person comes with all sorts of complications attached. Along with figuring out who’s responsible for the dishes or how to agree on what color to paint the bathroom, you also have to discern who owns what.

That’s where joint tenancy comes in. Joint tenancy means that both (or all) parties have 100% ownership in a home (or other kind property, like a bank account), rather than each owning a 50% share. Right of survivorship means that, if one of the owners passes away, the other(s) will automatically assume full ownership of the property.

Let’s take a closer look at joint tenancy with right of survivorship, or JTWROS, as well as listing some specific examples so you can see exactly how it works in action.

What Is a Joint Tenant With Right of Survivorship (JTWROS)?

Joint tenancy with right of survivorship is — as mentioned — co-ownership in an asset like a home or bank account with assumed ownership after one party’s death. So a joint tenant with right of survivorship is any one person in that ownership relationship.

With JTWROS, two or more people jointly own an entire asset — rather than each owning some proportional measure of the asset’s value.

Requirements for Joint Tenancy With Right of Survivorship

In order to establish joint tenancy with right of survivorship, all parties involved must meet four criteria known as the “four unities” of joint tenancy. They must have:

•  acquired the asset at the same time

•  obtained the same title document

•  an equal share of interest in the property

•  equally exercised their right to ownership of the property

Keep in mind that specific laws around JTWROS vary by state, so to fully understand how it works where you live, you’ll need to look up your own state’s laws. For example, in California, the default state is for co-owners of property to be tenants in common — which is a different type of ownership structure (more on that below). You should always look up your own local laws, or speak to a local legal expert, in order to ensure you fully understand your ownership rights.

Understanding Joint Tenancy With Right of Survivorship: Examples

Definitions are all well and good — but how does JTWROS work in practice?

One of the most common examples of joint tenancy with right of survivorship is when a married couple purchases a home together. Say Rebecca and Jane buy their first home as young newlyweds, preparing to build a family and a life together.

If both Rebecca and Jane meet the four unities of joint tenancy — including purchasing the home together and having both of their names on the home’s deed — they can share 100% ownership of the home, rather than each of them laying claim to 50% of the home’s value. That means that, if either one of them were to pass away, the other would immediately assume full ownership of the home rather than having to go through the process of probate. (Of course, it also means that neither Rebecca nor Jane could choose to leave the home to someone else — including their children — without first terminating the joint tenancy.)

You could also choose to enter into a joint tenancy with right of survivorship with a non-spouse. Say you and two friends choose to purchase a condo in Seattle together, which you plan to rotate between you as a vacation home. So long as you meet the four unities and specify it at the time of purchase, you can all share 100% ownership of the condo. That said, none of you would be able to leave the condo to your children in your will, sell your share of the property, or even specify what proportion of the property value you own. In order to do any of that, you’d need to be in a tenancy in common. So as you’re thinking about a home mortgage loan, a down payment, and other details around a home purchase, it’s important to think about how you want ownership expressed on the deed as well.

Other Examples of Joint Tenancy With Right of Survivorship (JTWROS)

Although we’ve been talking primarily about homeownership in this article, keep in mind that joint tenancy with right of survivorship can apply to other sorts of ownership and property, too. For example, a married couple or pair of business partners might hold a bank account in joint tenancy with right of survivorship. The same may hold true of personal property, such as a vehicle, when purchased jointly.

Different Types of Joint Tenancy

In order to fully understand joint tenancy, you have to understand tenancy in common — which is the primary alternate ownership structure.

Tenancy-in-common allows mutual owners to designate proportional ownership (rather than sharing 100% ownership), and any tenant can sell their portion of the property whenever they choose. In addition, the right of survivorship clause does not hold, and each tenant-in-common can leave their share of ownership to a beneficiary in their will if they so choose.

Joint Tenancy with Right of Survivorship	Tenants-in-Common
Each tenant enjoys full ownership of the shared property.	Tenants may designate proportional ownership: 50/50, 60/40, etc.
If one tenant dies, full ownership is automatically bestowed on the surviving tenant(s).	If one tenant dies, they can will their share of the property’s ownership to anyone they want.
The four unities must be met in order for joint tenancy to be established.	Tenancy in common can be established without meeting the four unities.

What are the Tax Implications of JTWROS?

Part of the reason some people choose to enter into a joint tenancy with right of survivorship is to avoid probate — the lengthy, and often costly, legal process by which a person’s assets are assigned to new owners after their death. Still, it’s important for tenants to understand that JTWROS comes with certain tax implications.

For example, if your joint tenant is not your spouse, and the value of your shared property is higher than the annual gift tax exclusion ($17,000 in 2023), the transferal of ownership at the time of their death could trigger the federal gift tax. You may also be subject to estate taxes if the value of your shared property exceeds the IRS’s threshold for that tax — $12,920,000 in 2023.

Always check with a qualified tax professional to be sure you understand the tax implications of shared property ownership.

Advantages and Disadvantages of JTWROS

As you can see by now, joint tenancy with right of survivorship has both advantages and disadvantages. Here are some of them at a glance.

Benefits of JTWROS

•  Right of ownership is automatically transferred at the time of a tenant’s death, avoiding the lengthy probate process and simplifying estate planning for families and married couples.

•  All tenants claim equal ownership over the asset, be it a home, bank account, or vehicle.

Drawbacks of JTWROS

•  No tenant can choose to leave their share of ownership to an heir in their will.

•  Because all tenants share 100% ownership of the property, if one tenant has financial trouble, this trouble affects other tenants even if their finances are in better shape. (For example, if two people share joint tenancy of a vehicle and one falls deeply enough into debt for their car to be repossessed, the other will, obviously, also be unfairly penalized in the process.)

When Does Joint Tenancy With Right of Survivorship Make Sense?

Joint tenancy with right of survivorship can be a great choice for families or married couples whose long-term financial goals and life plans are woven together — and who both have similar financial histories and habits. On the other hand, for those purchasing an asset together in the short term, or in situations where one tenant may have serious debt while another does not, joint tenancy with right of survivorship may not be the best choice.

How to Enter a JTWROS Agreement

Ensuring that a joint purchase is a JTWROS has everything to do with the wording on the asset’s title or deed — so it’s important to ensure that your mortgage lender, bank account representative, or whoever you’re making a purchase from, understands your intention to enter into a joint tenancy with right of survivorship at the time the asset is acquired.

The Takeaway

Joint tenancy with right of survivorship is an ownership structure in which all parties share 100% ownership of an asset such as a home, joint brokerage account, or vehicle. If one of the tenants dies, the ownership is automatically transferred to the other(s), which makes it a common choice for married couples and families.

Ready to take the leap into homeownership for yourself? SoFi Mortgage Loans come with competitive rates and terms suited to every phase of life.

Checking out rates is a smart step toward homeownership — take a look today.

FAQ

What is the primary advantage of being a joint tenant with right of survivorship?

One reason married couples and families so frequently choose this ownership structure is that ownership of the property is automatically conferred to the surviving tenant if the other party dies — which avoids the lengthy probate process and doesn’t require anyone to move at a very difficult emotional time.

Which tenancy is best for married couples?

Although every couple is different, many married couples choose a joint tenancy with right of survivorship to simplify their estate planning.

What is a primary feature of property held in joint tenancy?

Property held in joint tenancy is owned 100% by all parties involved — rather than each party owning a proportional share of the property’s value.

---

Photo credit: iStock/PeopleImages

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

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.

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.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

This article is not intended to be legal advice. Please consult an attorney for advice.

SOHL0523011

Read more