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If you fail to pay a debt, your creditor will do everything they can to you to pay them back. Eventually they may even send your debt to a collections agency that will get to work recovering the money you owe. The collections agency may hound you to pay your debt, potentially threatening to garnish your wages until it’s settled.

But what happens if you don’t believe you owe the debt in the first place? You may have already paid it off, and the collections agency did know. Or a scammer may have gotten hold of your personal information and used it to fraudulently open an account that’s now delinquent.

If you don’t believe a debt is yours, this guide can help you take steps to dispute a debt and win.

How to Dispute a Debt

When receiving calls about a debt that isn’t yours, your first step is to collect as much information about the debt as possible. Find out who is calling, the name of the company, the company address, and company phone number. At this point, don’t give out any personal information. Doing so could come back to bite you later, especially if you’re dealing with a scammer.

By law, collectors have to provide a letter with information on the debt and their contact information within five days of the initial call. Once you receive it, contact the original company to which you supposedly owe money to find out more about the debt.

While you’re at it, you may also want to find out what type of collector is calling. Is it in-house collections, a hired collections agency, or a debt buyer? In-house collections departments should have the most information at their disposal about the debt, while the others may have incomplete information, which could signal the potential for mistakes.

If the collector won’t give you information about themselves, it is a red flag that you may be dealing with a scammer.

What Is a Debt Dispute Letter, and How Do I Write One?

Once you’ve got the address of the collector, send a debt dispute letter within 30 days receiving the information. Fail to respond in this timeframe, and the collector can proceed as if the debt is valid.

Debt letters are not necessarily complicated to write. They may simply say that you’re writing about a collection on a debt you don’t think you owe. Ask the company to provide proof that you owe the debt in question and to stop contacting you if it can’t be proven. If there’s any other information you need that you haven’t gotten yet, you can ask for it at this point.

Keep a copy of the letter for yourself, and track the copy you send so you can be sure it was received. A dispute letter alone will sometimes stop the collections calls.

The Consumer Financial Protection Bureau (CFPB) provides a sample dispute letter that you can mail to collectors.

Can a Debt Collector Contact You If You Dispute the Debt?

Once they receive the letter, the collections agency has to stop contacting you until it sends you a debt validation letter that documents that you owe money.

With this letter in hand, contact the original creditor and ask them if they have any record that you’ve taken out a loan and are delinquent. If not, they may decide to stop pursuing the debt.

Regularly monitoring your credit score is one way to keep financial matters from slipping through the cracks. A money tracker app can also help. The SoFi app connects all of your accounts in one convenient dashboard. From there, you can see all your balances, spending breakdowns, and credit score monitoring, and get other valuable financial insights.

Know Your Rights Under FDCPA

The Fair Debt Collection Practices Act (FDCPA) is a federal statute that governs how debt collectors are allowed to act. There are certain things collectors are not allowed to do, including:

•   Collectors cannot call before 8:00 am or after 9:00 pm, and they are not permitted to call you at work if you’re not allowed to take those calls.

•   They are not allowed to harass you with threats of violence, profane language, or by calling repetitively.

•   They cannot present you with false information, including how much you owe and who is collecting the debt.

•   They cannot speak to anyone about your debt besides the original creditor, credit reporting agencies, and your lawyer. That said, they can contact others to try to find you as long as they don’t discuss the nature of your debt.

•   Collectors cannot engage in unfair practices, such as charging more than allowed by your state.

If a collector violates these rules, you may sue them in civil court, where you may win monetary compensation or they may be subject to fines.

Is There a Statute of Limitation on Debt?

Debts can exceed a statute of limitation, becoming too old to collect. Rules will vary by states, but collectors generally have three to six years. Once the statute of limitation is up, the debt becomes a “time-barred” debt. A collector can still try to collect, but they don’t have a legal standing to make you pay it.

When you contact a collector for the first time, be sure to find out when the debt was supposedly incurred. Contact your state attorney general’s office to find out what the statute of limitations is in your state to determine if the debt is time-barred.

What Not to Do When You’re in Debt

It is likely not fruitful to dispute debt that you do actually owe. If you are in debt, do what you can to pay it off, even when it’s been sent to a collector. Unpaid debt will damage your credit score, making it more difficult and expensive for you to seek credit in the future.

Keep on top of your debt with tools like a spending app, which helps you track how you spend and save each month and manage upcoming bills.

Ways to Remove Collections from Your Credit Report

If collections on a debt you don’t owe shows up on your credit report, you may dispute your credit report with the three major credit reporting bureaus: Equifax, TransUnion, and Experian.

You’ll need to send a dispute letter that includes your contact information, a list of mistakes with account numbers, an explanation of how the information is incorrect, a request to have the collections removed, and supporting information about how the dispute should be reported. Note that if information changes on your credit report, it’s possible your credit score may drop after a dispute.

If you pay off a debt and it’s no longer in collections, you may send a letter to the agency asking them to remove the collections from your credit report. The collector may remove the information from your report as a courtesy, though they don’t have to.

Recommended: Closing a Credit Card With a Balance

Check Your Credit Reports Regularly

It’s a good idea to check your credit report regularly. Make sure there are no errors on the report, and be on the lookout for evidence of credit card frauds or accounts that were opened fraudulently. You can receive a free credit report from each of the credit reporting bureaus once a week via AnnualCreditReport.com.

Recommended: Guide to Canceling a Credit Card Payment

The Takeaway

If collectors are asking you to pay up on a debt you don’t believe you owe, dispute it as soon as possible. In some cases, it may be a purchase or debt that slipped your mind, or it may be an error. If the debt is particularly difficult to prove or disprove, you may need to hire a lawyer who can help you settle the matter in court.

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.

FAQ

How do you fight a collections agency and win?

If a collections agency is trying to collect a debt you don’t owe, your best course of action is to gather information about the debt and send a dispute letter immediately asking for debt validation. This is sometimes enough to stop the collections process. But if a debt is difficult to prove or disprove, you may need to hire an attorney.

Can I dispute a debt sold to a collections agency?

Yes, you can dispute a debt sold to a collections agency.

What is the best thing to say when disputing a collection?

A dispute letter should say that you’re writing about a debt you don’t owe. It should also ask that the collector prove the debt or cease contacting you.

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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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.

SORL-Q125-044

If you’re thinking about buying a home in the not-too-distant future, you may be wondering what kind of property to purchase. Would a single-family house be better, or perhaps a condo unit?

Some important factors: Do you prefer being in a city, perhaps in an apartment or townhome, or are you all about a house with a picket fence? Do you like handling your own gardening and picking your own front-door paint colors, or would you like to delegate that? Do you like neighbors close by or prefer privacy? Does your household include furbabies?

These are some of the considerations that may impact whether a house or a condo is right for you. Each option has its pros and cons, and of course, finances will play a role too.

To decide which might suit you best, take this house vs. condo quiz, and then learn more about some key factors.

House or Condo Quiz

Next, you might want to take these pros and cons into consideration as well.

Pros and Cons of Buying a House

A top-of-mind question for many people is, “Isn’t a house more expensive than a condo?” Cost is a factor, especially when buying in a hot market, and there can typically be a significant difference between a house and a condo when you are home shopping.

The median sales price of existing single-family homes was $404,400 in the fourth quarter of 2024, according to St. Louis Fed data, compared with a median existing condo price of $359,000 in December 2024, according to the National Association of Realtors®.

Now that you know that price info, look at these pros and cons when buying a house vs. a condo.

Pros of Buying a House

Among the benefits of buying a house are the following:

•   More privacy and space, including storage

•   A yard

•   Ability to customize your home as you see fit

•   Room to garden and create an outdoor space, just as you want it to be

•   Control of your property

•   Pet ownership unlikely to be an issue

•   Sometimes no homeowners association (HOA) or dues

•   Generally considered a better investment

Cons of Buying a House

However, you may have to contend with these downsides:

•   Potentially higher initial and ongoing costs

•   More maintenance inside and out

•   Typically higher utility bills

•   Potentially higher property taxes and homeowners insurance

•   Possibly fewer amenities (such as common areas, a gym, etc.)

If, after taking the quiz and weighing the pros and cons, buying a house feels like the right choice, you can start brainstorming about size, style, location, and price; attending open houses; and looking online.

Learning how to win a bidding war might also come in handy, depending on the temperature of the market.

Pros and Cons of Buying a Condo

A quick look at how condos work before diving in: Condominium owners share an interest in common areas, like the grounds and parking structures, and hold title to their individual units. They are members of an HOA that enforces community rules. Being a member of a community in this way is a key difference between a condo and a house.

Pros of Buying a Condo

Here are some of the upsides of purchasing a condo:

•   More affordable

•   Amenities included (this might include common rooms, a fitness center, and other features)

•   Potentially less expensive homeowners insurance and property taxes

•   Repairs and upkeep of the property typically taken care of

•   Typically lower utility bills

•   Security, if the community is gated or patrolled

•   Access to urban perks

Cons of Buying a Condo

Next, consider the drawbacks of condo living:

•   Less privacy

•   Typically no private yard

•   Rules and restrictions (about noise levels, outside wall colors, pets, and more)

•   Typically less overall space

•   HOA fees

•   Limited parking

•   Slower appreciation in value

Plus, the mortgage interest rate and down payment are often higher on a condo vs. a house of the same value, though that isn’t always the case, especially for a first-time buyer of an owner-occupied condo.

Conventional home loan mortgage lenders sometimes charge more for loans on condo units; they take into consideration the strength of the condo association financials and vacancy rate when weighing risk.

Mortgages backed by the Federal Housing Administration (FHA) are available for condos, even if they are not part of an FHA-approved condominium project, with a process called the Single Unit Approval Program.

An FHA loan is easier to qualify for and requires as little as 3.5% down, but you’ll pay upfront and ongoing mortgage insurance premiums.

What Are the Costs of a House or Condo?

As mentioned above, houses tend to cost more than condos. But here are a few other ways to look at the financials when comparing a condo vs. a house:

•   Condos tend to have lower list prices than houses which may mean a smaller mortgage. However, you also need to factor in monthly maintenance fees and HOAs so you get the full picture.

•   Condos may have assessments from time to time. These are additional charges to fund projects for the unexpected expenses, such as a capital improvement to the entire dwelling.

•   Homeowner fees are growing along with inflation, so when you make your purchase, understand that these charges are not static.

•   Before buying into an HOA community, it’s imperative to vet the board’s finances, including its reserve fund, how often it has raised rates in recent years, whether it has collected any special assessments or plans, and whether it’s facing any lawsuits.

•   If you are buying a house, keep in mind that maintenance and upkeep are your responsibility. This can mean everything from replacing a hot-water heater that’s reaching the end of its lifespan to dealing with roof repairs.

•   Down payments will vary due to several factors. For a condo, a down payment is typically around 10% but can vary considerably from, say, 3% to 20%.

•   With a house, a down payment could be from 3.5% with an FHA loan to the conventional 20% needed to avoid private mortgage insurance, or PMI. Those who qualify for VA loans may be able to buy a house without a down payment.

•   If you are buying a house, make sure to scrutinize property taxes and factor those into your budget. Those are not fixed and can rise over time.

Another smart move: Check out this home affordability calculator to get a better feel for the bottom line.

When Is a Good Time to Buy?

You may know what you’d like to buy (condo vs. a house) and where (in what neighborhood), but do you feel as though now is the right time? If so, fantastic.

You might decide, though, that you want to rent for a while longer under certain circumstances, which can include:

•   Hoping to wait out an overheated market and looking at price-to-rent ratios

•   Wanting to save more money for the down payment and closing costs (the bigger your down payment, the lower your monthlies will likely be)

•   Needing to boost your credit score first

•   Wanting to pay down credit card debt or other debt, which improves your debt-to-income ratio or DTI

•   Needing more time to look at houses and condos before deciding which path to take

The Takeaway

The condo vs. house decision depends on a multitude of factors. Reviewing the pros and cons of buying a condo vs. a house can at least give you a direction to start your search. And so can such givens as knowing that you want to be in a certain location (downtown in a condo instead of in a house on a couple of acres), or that you have lots of dogs and therefore want your own yard, and so forth.

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

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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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.

SOHL-Q125-045

Health-care jobs are projected to grow faster than average for all occupations through 2033, resulting in about 1.9 million openings each year, according to the Bureau of Labor Statistics. If heath care is a field you’re interested in, two positions to consider that are expected to see substantial employment growth are nurse practitioner (NP) and physician assistant (PA).

NPs and PAs are advanced practitioners with similar job responsibilities but also some key differences. If you’re trying to decide between the two, read on to learn what you need to know about the difference between a PA vs NP.

Physician Assistant vs Nurse Practitioner: Key Similarities and Differences

PAs and NPs are both important health-care professionals. They work in similar settings, including hospitals, clinics, and physicians’ offices. Here’s how the two specialties are alike and how they differ.

What Is a Physician Assistant?

A physician assistant is a licensed medical professional with an advanced degree who provides direct patient care in primary-care settings, performing many of the same jobs a physician does. This includes doing medical exams, diagnosing conditions, prescribing medication, and treating illnesses. PAs work in collaboration with a supervising physician as determined by state law.

A PA’s education is in general medicine, and their training is disease-centered and similar to that of a physician.

Recommended: Budgeting as a New Doctor

What Is a Nurse Practitioner?

Nurse practitioners are registered nurses (RNs) with advanced education and training for patient care. They typically choose a primary specialty before they enter their graduate program.

NPs provide comprehensive health care and can examine patients, diagnose conditions, prescribe medication, and treat illnesses. In approximately 28 states, NPs can practice without a doctor’s supervision.

Physician Assistant vs. Nurse Practitioner: Key Responsibilities

One of the major differences between an NP and PA is their approach to health care, which is based on different medical models. PAs focus on disease treatment, while NPs focus on patient treatment. So while many of their responsibilities may be similar, the context in which they perform them is not.

The duties of NPs revolve around the patient and include:

•   Recording health histories

•   Conducting physical exams

•   Diagnosing and treating health problems

•   Interpreting lab results and X-rays

•   Prescribing medications and therapies

•   Referring patients to other health professionals if needed

•   Patient education

By comparison, PAs take a biology-based approach to diagnose and treat diseases. They perform such duties as:

•   Doing hospital rounds

•   Performing patient exams

•   Diagnosing illnesses

•   Assisting with surgeries

•   Ordering and interpreting lab tests and X-rays

•   Prescribing medications

•   Developing and managing treatment plans

•   Advising patients on preventative care and treatments

Recommended: Budgeting as a New Nurse

What Is a Nurse Practitioner’s Scope of Practice?

NPs choose a primary specialty, concentrating on a specific patient population. They can specialize in such areas as acute care, family care, neonatal, pediatric, oncology, gerontology, and women’s health.

As mentioned, in 28 states, NPs can treat patients and prescribe medications without a physician’s supervision.

What Is a Physician Assistant’s Scope of Practice?

PAs typically collaborate with supervising physicians as determined by state law. They are trained as generalists, meaning they can practice in almost any medical field. Many PAs have a variety of specialties and sub-specialties, which might include emergency medicine, internal medicine, radiology, pediatrics, surgery, and orthopedics.

Nurse Practitioner vs. Physician Assistant: Education and Certification

PAs and NPs must earn advanced degrees and become licensed and certified. Here’s what’s required for each role.

How to Become a Nurse Practitioner

It typically takes six to eight years to become an NP, including undergraduate and graduate school. The first step is to become an RN by earning a bachelor of science in nursing (BSN) degree. After that, a student can choose to pursue a master of science in nursing (MSN), which usually takes two years to complete, or a doctor of nursing practice (DNP), which typically takes four years to complete.

After earning an MSN or DNP, an NP must receive accreditation from a certification board, such as the American Academy of Nurse Practitioners (AANP-CP), which confirms that their coursework and clinical training meets the licensure board’s requirements. They then get licensed.

How to Become a Physician Assistant

It takes about six to eight years to become a PA. First, an aspiring PA must earn a bachelor’s degree with an emphasis on science. Then they must complete a PA program accredited by the Accreditation Review Commission on Education for the Physician Assistant (ARC-PA), which involves classes and clinical rotations. Students graduate with a master’s in PA studies.

Finally, a PA needs to take the Physician Assistant National Certifying Exam (PANCE), and get licensed in the state(s) where they wish to practice.

Nurse Practitioner and Physician Assistant Specializations

As noted, NPs specialize in certain practice areas, while PAs have a more general medical education.

Types of Nurse Practitioners

There are many different types of NPs with different specializations. Some types of NP you may want to consider include:

•   Family nurse practitioner (FNP): FNPs specialize in family medicine and work with people of all ages. They perform physical exams and health screenings, monitor patients, and develop treatment plans. They also provide continuing education and support.

•   Pediatric nurse practitioner (PNP): PNPs work with children and conduct physical exams, health screenings, and diagnosis and treatment. They may work in private practice, public health centers, pediatric ICUs, emergency departments, and specialty-based clinics.

•   Adult-gerontology nurse practitioner (AGNP): AGNPs work with patients ranging in age from adolescence to the elderly, offering continuing comprehensive care for a broad spectrum of needs. They may work in private practice, hospital settings, nursing homes, or in the homes of patients.

•   Psychiatric nurse practitioner (PMHNP): These mental health professionals treat mental illnesses, disorders, and substance abuse problems. They may work in private psychiatric practices, schools, and community mental health centers.

•   Neonatal nurse practitioner (NNP): NNPs work with premature and sick infants and babies with birth defects and other health conditions. They often work in neonatal ICUs.

•   Women’s health nurse practitioner (WHNP): NPs who work in women’s health advise women on reproductive and sexual health and treat reproductive system disorders. They may work in fertility clinics, hospitals, or private practices.

Types of Physician Assistants

PAs work in primary care or in specialty and subspecialty roles. Those in primary care positions may work in family medicine, internal medicine, or pediatrics, for instance.

If they specialize in internal medicine, the subspecialties they could focus on include:

•   Cardiology

•   Critical care

•   Endocrinology

•   Gastroenterology

•   Hematology and oncology

•   Infectious disease

•   Nephrology

•   Neurology

•   Pulmonology

•   Rheumatology

There are also surgical subspecialties a PA might choose, such as:

•   Cardiovascular or cardiothoracic surgery

•   Bariatric surgery

•   General surgery

•   Neurosurgery

•   Oncology surgery

•   Orthopedic surgery

•   Pediatric surgery

•   Plastic surgery

•   Transplant surgery

•   Trauma surgery

Other specialties a PA might pursue include: allergy and immunology, dermatology, geriatrics, obstetrics and gynecology, pain management, emergency medicine, psychiatry, and radiology.

Nurse Practitioner vs. Physician Assistant: Salary and Career Outlooks

As you’re deciding between nurse practitioner vs physician assistant, it’s important to consider the career and salary opportunities for each.

Average Annual Salary

PAs and NPs earn similar salaries, with PAs making slightly more. However, employment for NPs is projected to be higher than that of PAs.

Nurse Practitioner Salary and Career Outlook

When it comes to salary opportunities as a nurse, the median annual salary for an NP in 2023 was $129,480 per year, or $62.25 per hour. The overall employment for nurse practitioners is projected to grow 40% between 2023 and 2033.

About 31,900 NP openings are projected on average for each year over the next decade.

Physician Assistant Salary and Career Outlook

The median annual salary for a PA was $130,020 in 2023, and the overall employment for these medical professionals is expected to grow 28% from 2023 to 2033.

Approximately 12,900 openings for PAs are projected on average each year over the next 10 years.

Nurse Practitioner vs. Physician Assistant: Which Career Is Right For Me?

PAs and NPs are equally important roles in the health-care system. They make similar salaries and the employment outlook for each is strong.

As you debate which career is the best fit for you, think about your interests and goals. If you are drawn to the patient-centered model of care, an NP might be the right choice for you. If you prefer a disease-centered model, a PA could be the job you’re looking for.

In addition, consider the cost of college for each. An NP may spend as much as $78,820 on their education. In contrast, a PA might spend up to $95,165.

Whether you decide to pursue a NP or PA degree, there are a variety of funding options to help you pay for school, including federal student loans, scholarships and grants, and private student loans.

In addition, there are ways to make paying your student loans more affordable or manageable, including income-driven repayment (IDR) plans for federal student loans, loan repayment assistance programs offered by states and organizations, and student loan refinancing.

By refinancing student loans, you replace your current loans with a new loan from a private lender that ideally will have a lower interest rate and more favorable loan terms.

If you can secure a lower interest rate, refinancing student loans to save money may make sense for you to help pay for schooling to become an NP or PA. Just be aware that refinancing federal student loans makes them ineligible for federal benefits like income-driven repayment.

Using a student loan refinancing calculator can help you see what your monthly payment might be if you choose to refinance.

If you need more information, our student loan refinancing guide can give you additional details about the process and whether it’s right for you.

The Takeaway

Nursing practitioner and physician assistant are both rewarding careers in the medical field. The main difference between the two is their approach to health care. An NP’s approach is patient-centered, while a PA’s is disease-centered. Think carefully about which role offers the best career path — and the most rewarding type of work — for you.

And while schooling to become a PA or an NP can be expensive, remember that there are a multitude of ways to help pay for it including federal and private student loans.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

FAQs

Who goes to school longer, a PA or a nurse practitioner?

It takes about the same amount of time to become an NP and a PA — approximately six to eight years, including graduate school. However, to become an NP, some universities require at least one year of experience as an RN before a student can pursue their master of science in nursing.

Is it harder to become a nurse practitioner or a PA?

The schooling and experience necessary to become both a nurse practitioner and a PA is challenging. Which one is more difficult for you depends on your unique skills and strengths. If you’re good at patient care, an NP might be a better fit for you. If you’re drawn to a more traditional medical school approach, you may find that it makes sense for you to become a PA.

Is a nurse practitioner higher than a PA?

As licensed health-care professionals who play important roles in medical care, neither a nurse practitioner nor physician assistant is higher than the other. One thing to keep in mind, however, is that NPs can work independently in many states, while PAs work in collaboration with a physician.

About the author

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.

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