When a user enrolls in Credit Score Monitoring, SoFi is authorized to obtain and retain full credit report data from a credit reporting agency on a recurring basis and use that data for targeted advertising, product eligibility targeting, and internal statistical analysis.
This analysis describes what SoFi's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
This provision establishes that enrollment in Credit Score Monitoring authorizes SoFi to use full credit report data, including detailed credit history obtained on a recurring basis, for advertising and marketing purposes beyond the monitoring function itself. This use of credit data for advertising purposes engages FCRA considerations regarding permissible purposes for obtaining and using consumer report information.
Interpretive note: Whether the stated use of credit report data for targeted advertising satisfies FCRA permissible purpose requirements is a compliance question that depends on regulatory interpretation and enforcement guidance; the document asserts this use is permitted by the Privacy Notice but does not cite specific statutory authority.
The updated terms establish a new holding structure for the SoFi Plus 1% investment match benefit. Previously, members needed to maintain SoFi Plus membership for one continuous year from each deposit settlement to retain the match; the updated terms now require deposits to remain in the investment account for five years to retain the full match amount. The promotional period for this benefit restarted on August 18, 2026 and now runs through an unspecified termination date set by SoFi. Early withdrawal or account closure within the five-year period will result in loss of the match amount, though SoFi removed the explicit cancellation fee language in favor of forfeiture through the holding requirement. A limited-time 1% Deposit Match Offer available August 18-31, 2026 can now be combined with the main benefit if qualifying deposits and holding periods are independently satisfied for each offer.
View change record →The updated terms establish new conditions for SoFi's referral promotion that became effective on August 5, 2026. New account holders must now deposit $500 or more (rather than $50) within 21 days to qualify for the $50 Standard Bonus. For those subscribing to SoFi Plus, the terms now explicitly require that the $10/month payment be processed and validated by SoFi within the same 21-day window. Under the revised promotion period running through September 30, 2026, these higher activation thresholds apply to all new referrals.
View change record →The updated terms accelerate the referral promotion deadline to August 4, 2026, and impose tighter timing requirements on eligible recipients: accounts must open before the promotion ends, and deposits must settle within 21 days of both opening the link and registering or logging in as a SoFi user. This creates a more compressed eligibility window than the previous 21-day window measured from clicking the link alone. For SoFi Plus members, the updated terms now state that SoFi will automatically enable Overdraft Protection linking individual checking accounts to individual savings accounts (and joint accounts to joint accounts), allowing available savings to cover checking overdrafts without fees. You can disable Overdraft Protection at any time through the SoFi app or website, and funds applied to overdraft protection are limited to savings deposits not allocated to a Vault.
View change record →Under this clause, users who enroll in Credit Score Monitoring authorize SoFi to collect their full credit report data on a recurring basis and use it to serve targeted advertisements and product offers. The agreement also states that the credit score presented is obtained from a single bureau and may differ from scores used by other lenders.
Cross-platform context
See how other platforms handle Credit Score Monitoring Data Used for Targeted Advertising and similar clauses.
Compare across platforms →"SoFi will obtain and keep your credit reporting information and use it for the purposes permitted in SoFi's Privacy Notice. SoFi's uses of your information may include: SoFi may use your credit information to serve targeted advertisements to you and other communication based on your information. SoFi may present offers to you for other SoFi products and services using your credit information to identify if you are likely to be eligible or interested. SoFi may use your credit information for statistical analysis to improve SoFi products and services.Excerpt from SoFi's Terms of Service
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This provision establishes that enrollment in Credit Score Monitoring authorizes SoFi to use full credit report data, including detailed credit history obtained on a recurring basis, for advertising and marketing purposes beyond the monitoring function itself. This use of credit data for advertising purposes engages FCRA considerations regarding permissible purposes for obtaining and using consumer report information.
Under this clause, users who enroll in Credit Score Monitoring authorize SoFi to collect their full credit report data on a recurring basis and use it to serve targeted advertisements and product offers. The agreement also states that the credit score presented is obtained from a single bureau and may differ from scores used by other lenders.
No. ConductAtlas is an independent monitoring service. We are not affiliated with, endorsed by, or sponsored by SoFi.