SoFi

A debt validation letter is a document — typically from a collections company — that shares the recorded details of an outstanding debt. This letter contains the amount you owe, the name of the original creditor, the date by which you’re required to pay the collections company, and the instructions for how to dispute it. It should also advise you that, if you plan to dispute the debt, the dispute must be filed within 30 days.

Obtaining a debt validation letter is an important step toward disputing a fraudulent debt or repaying a legitimate one. Read on to learn more about how a debt validation letter works and what to do if you receive one.

Defining a Debt Validation Letter

If a debt collector contacts you by phone, you should ask them to contact you in writing instead. That way, you will have an easy-to-reference document in hand, and you may be able to protect yourself from too frequent debt collection calls as well as from scammers.

Once you make your request, the collections agency is required to send you a debt validation letter, which lists the following information:

•   Debt collections agency’s information

•   Original creditor’s information (for example, a credit card company)

•   Account number associated with the debt

•   Amount owed

•   Information about how to file a dispute, including a tear-off form to make taking the next step easier

Once you have a debt validation letter, you can take a closer look to ensure you recognize the original debt. Then you can make a plan to repay it if it’s legitimate — or begin the dispute process if you have any doubts.

Purpose and Legal Basis

No matter what type of debt they’re seeking repayment for, collections agencies are legally required to offer debt validation letters. These ensure they’re seeking remuneration for legitimate debts only.

There are laws governing how often a debt collections agency can contact you. According to the Debt Collection Rule, which is part of the Fair Debt Collection Practices Act, it’s a violation of the law for debt collectors to call you more than seven times within a seven-day period or within seven days after getting you on the phone about a specific debt.

However, these restrictions do not apply to text messages, emails, or even contact via social media. Fortunately, though, such messages are required to offer a simple opt-out option.

When to Request Debt Validation

If you receive a validation of debt letter and you’d like to file a dispute, you can send a letter requesting proof that you owe the debt in the first place. The collections agency must be able to provide this proof, which is called debt verification, in order to continue to pursue your payment or report the debt to credit bureaus. You can also use this moment to formally ask the creditor not to contact you in any way other than written letters.

However, again, it’s critical that you ask for debt verification in a timely manner — as soon as possible after receiving the original debt validation letter. Debts that are not disputed within 30 days are presumed to be valid by the collector, so be sure to take care of the matter as quickly as possible.

Recommended: How to Pay Off Debt in 9 Steps

Debt Validation Process

Once you request debt verification, the collector must provide proof that you owe the original debt. This may include documentation from the original creditor. Some key next steps to know:

•   If the debt collections agency cannot provide this proof, they are legally required to stop pursuing your payment.

•   If they continue to do so, or report an invalid, fraudulent debt to the credit bureaus, damaging your credit history and score, you can sue them.

Benefits of Debt Validation Letters

If funds you legitimately owe have gone to collections, paying the debt off as quickly as possible is usually the best policy. Having a debt in collections can be very bad for your credit score, and collections agencies may be able to charge additional interest or even take you to court.

If you do need to pay off the debt, you can explore your options, such as finding a budgeting method that suits your needs or taking out a personal loan.

However, if the debt is not legitimate or the collections agency can’t definitively prove you owe the debt, requesting validation and verification can help you successfully file a dispute. This can also help you avoid paying money you don’t owe (as well as ongoing negative impacts to your credit history).

Recommended: Becoming Debt-Free

Drafting an Effective Debt Dispute Letter

A properly executed debt dispute letter should make it clear that you do not recognize the debt and believe it is not yours in the first place. You should also request documentation that proves you incurred the debt. The Consumer Financial Protection Bureau offers a letter template that you can use in this scenario, which makes the process as simple as personalizing the letter, printing it out, and sending it to the agency.

The Takeaway

A debt validation letter is a document that lists how much you owe, to whom you owe it, and who is trying to collect it. It also informs you about your right to dispute the debt. Once you receive a validation of debt letter, you can begin the dispute process by requesting debt verification. In addition, a debt validation letter can help you move forward if you are dealing with too frequent contact from a creditor or believe a scam may be involved.

Becoming debt free can be challenging — but it’s possible. One helpful tool could be a personal loan.

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

FAQ

Do I have to pay a debt if validation is not provided?

If a collections agency contacts you, you should request a debt validation letter — because the agency is required by law to produce validation and verification if they are to continue to pursue your repayment. Additionally, having a debt validation letter in hand is the first step toward filing a dispute if it turns out the debt is illegitimate.

What happens if the creditor doesn’t respond to the validation letter?

If a collections agency does not respond to your request for a debt validation letter, it may be a scam — as all legitimate collections agencies are legally required to validate debts. If the organization continues to harass you, you may want to seek legal counsel in order to ask them to cease and desist.

How long does a creditor have to respond to a debt validation request?

First things first: As the consumer receiving a debt validation letter or notice of collections attempts, you must request debt verification or dispute the debt within 30 days. While there’s not a specific set timeline in which a collector must respond to your debt validation request, if they can prove the debt, their motivation for repayment means you’ll probably hear from them sooner than later.

Photo credit: iStock/sturti

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.

SOPL-Q324-018

Student athletes typically have extra busy schedules along with the usual college expenses. Between classes, course work, practices, and games or competitions, finding the time for a job to make some money can be tough.

Fortunately, there are many ways for college athletes to make money — through coaching, training gigs, remote work options, and more. With a little creativity, it’s possible to earn some cash doing what an athlete does best: playing to your strengths.

Here, you’ll learn more about how college athletes can make money while working on their degree.

Rising Cost of College

There’s no doubt that college is a big-ticket item: In the 2023-2024 school year, the average cost of tuition and fees at a public college was $11,260 for in-state residents, and $29,150 for out-of-state residents. For private college, the average cost was $41,540.

Between 1963 and 2021, the average cost of an undergraduate degree went up by more than 135%.

Even if you’ve been awarded a scholarship, student athletes still need money for everyday expenses and all those protein bars. If you’re wondering how to make ends meet, read on to learn how you can make money as a college athlete.

12 Smart Ways to Make Money as a Student Athlete

If you need to balance athletics and academics, there are an array of part-time job opportunities well-suited for the student athlete.

Here are 12 ways you can use your skills and talents to add to your college bank account.

1. Working for the Athletics Department

Landing a job in your school’s athletics department can be a convenient way to earn money while figuring out how to get involved at college and meet other students. Many college athletic departments can provide part-time gigs — in the office or the locker room.

Try asking your coach or athletic director about money-making opportunities. Athletic departments often need the support and, since they’ll be helping out a student athlete, the arrangement can be a real win-win.

2. Training Younger Athletes

Your athletic talents can help nurture the next generation. You could earn an hourly wage working in an after-school sports program for kids — either directly at a school, with a private league/program, or with an organization such as the YMCA.

Parents are often looking for role models to coach and train their children. Some college athletes offer their expertise in a private one-on-one or small group setting for an hourly rate — often between $20 and $25.

Your coach or athletic director may have insight on opportunities for working with children. Bonus: Running around with those energetic kids can help keep you in shape.

Recommended: 15 Low-Cost Side Hustles

3. Personal Training

Still curious about how a college athlete can earn money? Think about all those hours spent training, whether your sport is baseball or gymnastics. You can parlay your workout know-how into income. As a personal trainer, you could make a $20-plus an hour working with a client, and schedule sessions around your availability.

However, some clients (definitely gyms) may require you to have a personal trainer certificate from an accredited program, which could take time and money to acquire.

4. Managing Social Media

In addition to hours in the weight room, college athletes, like most young people, have likely spent a lot of time on social media. Why not turn those hours of screen time into cash?

Some small businesses don’t have a social media presence. You could check with your campus pizza joint, a local fitness center, or your team’s favorite coffee bar and see if they might hire you to set up or maintain their social media accounts. You could arrange for an hourly rate or flat monthly fee.

Recommended: Finding Jobs That Pay Off Student Loans

5. Vlogging

Some student athletes start their own YouTube vlog relating their experiences or testing sports equipment. If you’re able to grow your audience, you may be able to eventually monetize it by using income-producing programs such as Google Adsense.

The flexibility of vlogging can be great for a busy college athlete’s schedule, but it might take a while for you to learn how to get paid for social media and start bringing in income.

6. Writing Sports Articles

You might be able to make some extra dough by writing about your experiences as a college athlete, such as personal stories or articles about your triumphs and challenges, or perhaps an insider’s scoop on the big match.

Check with local newspapers or online sports publications for submission requirements and pay scale.

7. Working Seasonal Jobs

Many college athletes may have more hours for a job during the off-season. If the bulk of your athletic commitments are in the spring, you might consider an easy way to make money in the winter, whether shoveling driveways or ski detailing in a sporting goods store.

If your sport primarily takes place in the winter, you might have free time for an athletic summer job, such as being a lifeguard or a counselor at a sports camp.

8. Selling Old Sports Gear

Student athletes can clean out their closets and earn extra money by selling their gently used sports equipment, apparel, and footwear. Online marketplaces such as SidelineSwap and Geartrade deal specifically in used sports products. Or you can always list your items on Ebay, Facebook Marketplace, and/or Craigslist.

9. Selling Sports Cards

Like many college athletes, you may have spent your childhood collecting trading cards of your sports heroes. Now your hobby could really pay off. There are many websites and antique stores that might be interested in buying individual cards or your whole collection.

Only one problem: Some of your sports cards may have high sentimental value. You may not be able to part with them!

10. Starting an Online Business

Being your own boss can be a great way to ensure a flexible schedule for a college athlete, so think about tapping your entrepreneurial instincts and off-the-field talents. The possibilities are endless — editing services, translation services, online T-shirt sales with a unique logo for your team. You might also hire your teammates to help out.

11. Modeling

Yet another way student athletes can make extra money on the side: Many are physically fit, which might make them good candidates for modeling work. You could submit photos to a local talent/modeling agency and mention your athletic skills as a plus. A photo shoot for a print ad or an on-camera commercial can yield good money for a few hours of work.

12. Cashing in on Endorsements

In 2021, college athletes earned the legal right to profit off of their names, images, and likeness (NIL). Essentially, NIL allows college athletes to market their personal brands in a variety of ways. including endorsements, sponsorships, social media posts, and more. While some student athletes have raked in six-figure (and higher) endorsement deals, the average income from NIL deals for student-athletes ranges from $1,000 to $10,000.

While the ruling may be controversial, for some, it’s an easy way to benefit from your years of hard work and dedication to your sport.

The Takeaway

Many student-athletes are able to leverage their years of training and discipline into finding a part-time job. You may be able to channel your sports knowledge and work ethic into coaching, personal training, vlogging, writing sports articles, or launching an online business.

It may take some time, effort, and creative thinking, but you can likely find an income source that is financially rewarding and won’t put your studies or athletic performance in the penalty box.

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

FAQ

Is it legal for student athletes to make money?

Student athletes are allowed to hold on-campus and off-campus jobs.

How many hours are student athletes able to work?

The NCAA dictates that student athletes are limited to participate in school athletic activities for a maximum of four hours a day, or 20 hours a week. Depending on a student’s course load, that leaves a few hours a day for a part-time job.

Do student athletes get paid?

Student athletes don’t receive salaries from colleges. However, they are allowed to monetize their name, image, and likeness, and benefit financially from commercial endorsements.

Photo credit: iStock/GCShutter

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

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

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

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOBNK-Q324-066

When it comes to changing bank accounts, inertia often sets in. But is it wise to sit tight with your current banking situation?

Big banks may count on you to do so. They know that once you start a relationship with them, it can be hard to change. Maybe you’ve signed up for direct deposit or you’ve had your account since college. You may like that there’s a brick-and-mortar branch near you and are reluctant to switch to online banking. Or maybe you have an online bank and figure they’re all about the same.

Whatever the case, now may be the time to rethink your banking relationship. Rising interest rates have encouraged some banks to offer more attractive rates as well as plenty of features and services with low or no fees.

Take a look at these five reasons why you may benefit from switching banks.

Smart Reasons to Switch to a New Bank

1: Higher Rates

The Federal Reserve (a.k.a., “the Fed”) raised the federal funds rate — a key borrowing benchmark — 11 times between March 2022 and July 2023. In response, some, but not all, banks have increased the annual percentage yield (APY) they pay on their savings and checking accounts. While the national average savings account rate is only 0.42% APY as of December 16, 2024, some online banks are offering rates higher than 3.00% APY. An increase like that can add up over time and boost your savings.

It’s important to remember that your bank won’t automatically raise rates in line with the Fed. Some banks find that an increase doesn’t fit with their business plan. Or they may figure they won’t lose many customers if they don’t offer an increase.

Thanks to lower overhead costs, online bank accounts tend to offer higher rates than bank accounts offered by traditional banks. It makes sense to check what APY you’re currently earning on your bank account and see how that compares with other banks. That’s a tip for both checking accounts and savings accounts; there’s no reason not to earn top dollar.

Recommended: All About Interest Rates and How They Work

2: Low or No Fees

You may also want to make sure any extra interest you’re earning isn’t eaten up by fees. In fact, avoiding the usual fees can be a good reason to switch banks. Minimum balance fees, maintenance fees, paper statement fees, savings withdrawal fees, out-of-network ATM fees, and overdraft/non-sufficient funds (NSF) fees can add up over time and take a chunk of your savings.

In some cases, the fees you pay will depend on the way you bank. People who have a high monthly balance or who link their checking and savings accounts may never incur fees. Or, if your bank offers a wide network of ATMs in your area, out-of-network ATM fees will hardly ever apply. That said, many institutions, particularly online banks, offer no-fee banking with competitive APYs, so you can avoid paying any account fees at all. This can be a wise move if you are being charged costly banking fees.

3: Better Online and Mobile Banking

When it comes to managing a bank account, today’s consumers generally want it to be fast and simple. Many have gotten accustomed to 24/7 banking. It used to be that online banks offered the most advanced digital services. To compete, many brick-and-mortar banks have improved their websites and mobile apps. But whether it’s an online or traditional bank, not all portals are the best they can be.

When looking for a new bank account, you’ll want to make sure the bank you’re considering offers a secure, easy-to-use, state-of-the-art platform. Can you pay bills, scan mobile deposits, check your real-time balance, change your password, report possible fraud, and complete other functions at any time and almost anywhere you have a secure connection? Is there a chat or phone function available to get help if you need it? If possible, talk to other customers to see if they’ve experienced any glitches or compromised security.

If you are lacking the convenience of online and mobile banking, you may want to rethink where you bank for these reasons. There are many pros to online and mobile banking, and you should be enjoying them.

4: More Banking Features

Many banks offer lots of extras when you open a new account or agree to maintain a certain minimum deposit. Waiving fees is common. So is a monthly reimbursement for out-of-network ATM fees. Some banks may offer a limited amount of no-fee overdraft protection coverage.

Also available: Connected checking and savings accounts with combined interest, discounts on personal loans from the same institution, and budgeting tools included in the banking app. In addition, many banks offer incentives for setting up direct deposit and early pay options that offer faster access to your paycheck.

Once you’ve created a list of banks with favorable APYs, it’s a good idea to compare the various features each bank offers to help determine which is the best fit for your needs.

5: Sign-Up Incentives

While switching banks isn’t necessarily complicated, it’s probably not a good idea to do so solely because of a temporary sign-up promotion. If the fees are high, or the bank lacks other features you need, the bonus or other incentive likely isn’t worth the trouble.

That said, if you’re shopping for a new bank, whether it’s a small or a large bank, and all other things are equal, it might make sense to take advantage of a special bank promotion. Who wouldn’t want some extra cash or a higher interest rate?

Recommended: 8 Ways to Make Your Money Work for You

Meet the new SoFi Plus!

Get access to higher APY, credit card cash back rewards, discounts, and more.

The Takeaway

The process of switching banks does entail some time and paperwork. So it’s easy to understand why consumers often avoid this task. But additional banking features, low or no fees, and a higher interest rate are some of the reasons why making the switch can make sense. Choosing a bank that’s a better fit can help improve your overall financial picture.

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

Photo credit: iStock/NicolasMcComber

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

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

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

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOBNK-Q324-046

Mail-in rebates sound simple: To submit one, you purchase a qualifying product, fill out its rebate form, and mail the form – and its requested proof of purchase – back to the product manufacturer. If accepted, you should receive a refund in roughly two to four months.

This kind of incentive has become quite popular. You’ve probably seen them in-store (say, an offer of $5 off a purchase of shaving cream) and online, where pop-ups may promise $100 back after buying a smartphone.

It sounds like the path to easy money, but the truth is, many rebates never get claimed. To avoid that scenario, here’s how to claim your savings via a rebate.

What Exactly Is a Mail-in Rebate?

A mail-in rebate is an offer for a full or partial refund on a product purchase in exchange for providing proof that you bought the item. Rebates are offered directly from manufacturers for any number of reasons. They may be conducting market research, enticing the sale of a pricey item, or looking to empty their inventory of a product that hasn’t captured the consumer’s imagination.

Whatever the motivation is, it gives consumers the opportunity to purchase items at a lower cost if they invest a bit of time and effort. That can mean some extra money to put into your checking account.

How Do You Submit a Mail-in Rebate?

The concept of mail-in rebates has been around for years, and the process of applying for them largely remains the same. Following these five simple steps can help you successfully submit your rebates.

Step 1: Look in the Right Places

A rebate can appear in many forms. Tear-off pads on product displays or sticker tabs directly on products that say “rebate” are some of the most obvious. Others can be found in the coupon section of a newspaper, on couponing websites, and even the direct websites of the manufacturers. Sometimes, they will come inside the box along with something you’ve ordered or as a tear-off section at the bottom of your receipt. Knowing how to spot them is the first step toward claiming them. But of course, you don’t want to buy something just because it offers a rebate. Many of us are trying to cut back on spending, so only snap up products that you really need.

Step 2: Purchase the Right Product

Rebate offers are very specific about the products to which they apply. This means that when purchasing a product, you should double-check (maybe even triple-check!) that it matches the item specified on the rebate form. If a product is simply the wrong color or size, you run the risk of your rebate being rejected by a manufacturer.

When purchasing a product for rebate, carefully check details such as the brand name, style, color, model number, quantity, and even weight or size against the details on the rebate form to make sure they match.

Step 3: Complete the Rebate Form

The rebate form itself is what outlines the specific parameters of the rebate offer, but it is also where contact information must be provided so that the rebate can be issued upon acceptance. Expect to include contact details such a full name, address, and a phone number in order to fully submit a rebate claim.

Step 4: Collect the Proof of Purchase

The crux of rebate submissions relies on being able to prove that a product was purchased. Rebate forms will specifically outline which forms of proof they require to be submitted, and they can vary from product to product. Two of the most common forms of proof are the purchase receipt and the UPC barcode from the product’s packaging. Be sure to gather the specific proof requested for each product before submitting a rebate.

Step 5: Mail and Wait

After filling out a rebate form and collecting the proof of purchase, the rebate can be mailed to the manufacturer. Use the specific address outlined on the rebate form, and prepare to wait anywhere from 6 to 12 weeks (or even longer) to receive your rebate upon its approval. Processing times vary widely across manufacturers but the fine print on a rebate form will outline what return date to expect for that specific product.

Rebates are submitted by countless people worldwide, so the process can take time. Often, when your rebate does arrive, it will be in the form of a check or a prepaid debit card loaded with the amount of the rebate.

Recommended: Understanding the Different Types of Bank Accounts

Mail-in Rebate Tips

Even though the process for submitting a mail-in rebate is fairly simple and straightforward, there are few things to know that can help make the process even easier to manage.

1. Always Get a Receipt

More often than not, a rebate will require a receipt as a proof of purchase. Opting for a receipt with every purchase can help ensure you always have one when you need it. Bonus: Keeping track of receipts and spending can go a long way towards helping you create a budget and stick to a budget.

2. Take Note of Expiration Dates

Always check the expiration date on the rebate form, and aim to mail the rebate at least a week prior to the date. This tactic can help ensure that the rebate arrives to the manufacturer on time. Otherwise, your effort to submit will be in vain, and you’ll wind up “leaving money on the table,” as the saying goes.

3. Don’t Consolidate Purchases

It’s common to find multiple product rebates in a single shopping trip, and purchasing them in the same transaction would seem like common sense. However, in the case of multiple rebates, it’s wise to process each rebate in its own separate transaction, whether you pay in cash or with a credit card. Because rebate requirements can differ and each submission will require its own proof of purchase, collecting a unique receipt for each product purchased will help avoid any confusion. You don’t want to be stuck with a single proof of purchase that needs to be sent to multiple locations.

4. Keep the Packaging

Proof of purchase requirements for product rebates can vary, but they all require the product to be in possession of the buyer. The UPC barcode is one of the most commonly requested details, and it’s not uncommon for the manufacturer to request that the barcode be cut out and physically submitted. Depending on the packaging, the UPC barcode can appear on inner or outer product packaging, and without paying attention, it can be easy to discard the packaging altogether without collecting it.

Keeping product packaging until all mail-in-rebate requirements have been collected and submitted can help avoid any mishaps during the process. Once you’ve filed your rebate (or, better still, received your money back), go ahead and declutter.

5. Prepare to Follow Up

Though rebate refunds typically take six to eight weeks to arrive, it’s not uncommon for that time to stretch to 12 weeks or longer, if they arrive at all. It can be wise to put a reminder in your calendar to see if the rebate has arrived when expected so you can plunk it into your bank account, and, if not, to follow up.

Also, make sure to keep copies of everything that has been mailed off — the receipt, the UPC code, and anything else you sent. When contacting a manufacturer for a rebate status, having a detailed tracker and copies of your rebate materials to reference will help the process of claiming your rebate run more smoothly. Yes, it’s an extra (possibly annoying) step, but if you’ve made the effort to get money back, you do want to follow through!

Recommended: 7 Tips for Managing a Checking Account

The Takeaway

Mail-in rebates provide great opportunities to save money on everyday products, but they do require a bit of effort to redeem. With a little attention to detail, your diligence could result in a moderate stash of savings that could be used toward other financial goals.

That said, rebates will only get you so far! Opening a new bank account can help you store those savings and snag you some interest.

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

FAQ

How do I send mail-in rebates?

Sending in a rebate typically requires getting a rebate form, purchasing the right product, filling out the rebate form, including your proof of purchase, and mailing all the required documents in.

Is a mail-in rebate worth it?

A mail-in rebate can take some time and effort to complete, but in return, you can get part of your purchase price returned. Not completing a rebate is akin to “leaving money on the table.”

Why do companies do mail-in rebates?

Companies may do mail-in rebates to entice consumers to buy an item, introduce a new item, or clear out an item that is being discontinued.

Photo credit: iStock/AndreiDavid

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

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

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

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

SOBNK-Q324-058

If you’re looking to rent an apartment or house, the landlord may require a tenant background and credit check. These checks primarily serve to verify an applicant’s personal information and show landlords whether the tenant can afford the monthly rent payments. However, landlords may also screen prospective tenants for previous evictions, criminal behavior, and evidence of poor financial judgment.

Tenant credit and background checks can include a lot of “private” information you may not be aware of. Find out what a landlord sees when they order a tenant screening report or a background check.

What Landlords Learn From Tenant Credit and Background Checks

Landlords primarily want to verify an applicant’s personal information and confirm they can afford the monthly rent. Landlords may also do tenant background search to check for information, such as a history of bankruptcy, that would indicate a prospective tenant isn’t good at managing their finances. They are also typically interested in any history of eviction or a criminal record. Tenant credit and background checks therefore play a crucial role in helping landlords screen potential tenants and decide whether they want to rent to a particular applicant. Learn more about some of the things a landlord will be looking at below.

Address

Credit reports will contain the applicant’s current address, which is used to help confirm someone’s identity. Unfamiliar addresses can be a sign of identity theft or other fraud.

Address History

Credit reports also contain previous home addresses, and may also include other addresses where the applicant has received mail. The report can also include workplace addresses, post office boxes, and addresses of other people with whom the applicant has a joint bank account.

Recommended: Does Net Worth Include Home Equity?

Employment History

A background check typically won’t include information about a potential tenant’s education or employment. However, a landlord may request that the agency conducting tenant screening service or the background check provide verification of employment. This involves confirming that the information on the rental application is accurate.

Whenever someone provides information about an employer in applying for credit, this information has the potential to show up on credit reports. A credit check for employment will include most of the same information that a landlord receives; one exception is the prospective employee’s date of birth.

Income

Background checks don’t typically include income information, although this sometimes happened in the past. In numerous cities and states around the U.S., employers can no longer ask about salary history as part of an employment application. That legislation now makes this information harder to get, overall. Instead, landlords likely rely on your ability to meet your current bills as a sign of your financial stability.

Credit Score

Landlords are interested in your credit score because many of the factors that go into computing your credit score are an indication of your overall financial management skills. What credit score is needed to rent an apartment or house varies by location and landlord. Many landlords want to see a “Good” score”: 670–739, or more. A tri-merge credit report shows your scores from the largest credit reporting bureaus, including TransUnion and Equifax.

Tradelines

“Tradelines” just refer to the various accounts on a credit report: mortgage loan, car loan, credit card account, and so forth. Tradelines are either revolving (lines of credit, including credit cards) or installment loans (such as personal loans).

Recommended: What Credit Score is Needed to Buy a Car?

Collections

If an unpaid bill goes to collections, it typically stays on a tenant’s credit or credit report for seven years — although its impact on credit scores can lessen over time. If the debt has been paid, it should show up as “settled” or “paid in full.” Some landlords may see payment of an account in collections as a plus, a sign of growing financial responsibility.

Consumer Statements

If a potential tenant has negative information on their credit report, they may add a consumer statement to provide an explanation of what happened. These statements don’t change the credit history or score, but a landlord may take the explanation into account when deciding whether to rent to the person.

Inquiries

There are two ways for a credit check to be performed: a soft credit inquiry vs. hard credit inquiry. Hard inquiries are usually performed when someone applies for a credit card or loan, and these may show up on the credit report. Soft inquiries pull data but don’t affect credit scores. Rental applications usually involve a soft inquiry.

Public Records

Background checks can include public record information. Each state determines which government records are considered “public.” They can include birth and marriage certificates, voting records, immigration records, driving records, tax information, and more.

Eviction Records

According to credit agency Experian, an eviction won’t appear on a tenant screening or credit report, but any unpaid rent sent to collections may stay on the report for up to seven years. If a landlord took the tenant to court and won a civil judgment, that would likely appear on the tenant background check and credit report.

Criminal Records

Background reports include information gathered from criminal record databases. The check may include records from any county where the applicant has lived. Criminal checks can also be conducted at a state or federal level. Some cities now prohibit landlords from requiring prospective tenants to disclose a criminal history.

What Landlords Especially Want to Know from Tenant Credit Checks

According to credit bureau TransUnion, landlords want to look at a prospective tenant’s debt history to determine if they’re likely to pay rent on time. Red flags include a short rental history, late payments, a low credit score, a significant amount of debt, gaps in payments, delinquent payments, and other negative information. Landlords also want to be aware of any previous evictions or criminal background.

Consumers can prepare for credit checks by landlords through free credit monitoring services.

How Long a Tenant Credit and Background Check Takes

Credit checks typically take no more than a day, depending on the system used by the landlord. Background checks can take a few days, depending on the circumstances. This doesn’t account for the amount of time it takes for the screener to get to that application, or the time the landlord spends reviewing the application afterward.

Do Landlords or Applicants Pay for the Credit and Background Check?

Tenants often cover the cost as part of a rental application fee. A landlord can choose to absorb the cost, but it depends on the property owner, circumstances, and local laws.

A landlord may also ask for a credit reference on a rental application. A credit reference can be a copy of your credit report that you provide, or a letter from a bank, lender, or previous landlord offering additional positive context to your credit history.

Checking Credit History Before Applying to Rent

As a tenant, it’s wise to be aware of what’s on your credit report and to fix any errors before you apply for an apartment. You can find out your credit score for free through Experian at AnnualCreditReport.com. Review your information and file a dispute online to correct any mistakes, remove older negative information, and alert the credit bureau to potential identity theft.

Continue to watch your credit and be mindful of any changes to your credit score. To save time, you may want to sign up for a credit monitoring service. What qualifies as credit monitoring varies with the service provider. Look for a service that offers instant alerts for suspicious charges and negative information posted to your report.

The Takeaway

Landlords primarily run tenant background checks and credit report checks to determine if the prospective renter can afford the monthly rent payments. Landlords may also be interested in previous evictions and criminal activity. These reports also serve to provide verification of personal information and may reveal additional information available on public records.

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

What background check do most landlords use?

There are numerous background check services. If you want to know which one a potential landlord uses, it’s best to ask them.

What does a landlord look for in a tenant?

Although landlords can have individual preferences about what makes an ideal tenant, common things they look for include tenants who:

•   can afford their rent and pay on time

•   take good care of the property

•   don’t cause problems for the landlord

A tenant background and credit check can help landlords to screen applicants to find the best possible tenant.

What does a background check consist of?

When including a credit report, information provided generally lists a person’s current and past addresses, employment history, credit history, public records information, criminal records, and more. In some circumstances, a person’s eviction history can also be included.

Photo credit: iStock/andresr

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.

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.

SORL-Q324-019