Having a tax lien put against you that shows on your credit or against your property can in reality be one of the most demanding credit problems that you ever deal with. The Internal Revenue Service can be rather brutal when it comes to getting their money and there is an explanation for the old aphorism about "death and taxes" because you are not apt to be able to get out of it completely without paying at least a portion of it.
If you possess real estate, the tax lien will be put against your property, stopping you from selling it and it is possible that in time they could even take away the real estate if the tax lien is high enough. If you don't hold real estate it will be put against your credit report and that will stop you from acquiring a home mortgage but also car loans, student loans and even credit cards. A tax lien can be quite negative to your credit.
You will probably have to pay the tax lien off or at the very least negotiate for a less significant sum. The troubling part of it is that even after the tax lien has been satisfied it can stay on your credit report for as long as 7 years. If you do not pay it off it can stay on there for as long as 15 years. If it is not satisfied they can also renew it so you may have a tax lien on your credit forever.
In nearly every case you are much better off to pay off the tax lien rather than contest it. You may be able to settle for a lesser amount and you should try to do that. However, the IRS will find you and you will probably not be able to get away with not paying the taxes that you owe.
After you have paid off the tax lien, it is possible that it will still show on your credit report for as long as 7 years. Though, you can take some actions to attempt to avoid this. When you are negotiating for the lesser amount, put in a request that they delete it from your credit report also. If you are unproductive at that you can try to dispute the listing with a letter.
You will need to write a letter or dispute to all of the three most important credit-reporting bureaus. In the United States, they are Equifax, Experian and TransUnion. You have the right to dispute any derogatory listing on your credit report because of the Fair Credit Reporting Act. If the tax lien has been paid and is displaying as paid in full you may be able to get it deleted.
Keep exact records of all communication between you and the credit bureaus. They have between 30 and 45 days after receipt of your letter to either authenticate the truth of the listing or delete it. You are hoping that they delete it. If they do not do it the first time around, submit another letter and another letter until you get the consequences you want.
Using credit repair tips can be very useful for your economic future and your long-term financial life. You can do all of the work for yourself or you may also choose to use the experience and knowledge of a professional credit repair service. You are responsible for your good credit standing so if you need to do some credit repair to improve it you should do it as soon as possible so that your credit is good when you need it to be. - 31377
If you possess real estate, the tax lien will be put against your property, stopping you from selling it and it is possible that in time they could even take away the real estate if the tax lien is high enough. If you don't hold real estate it will be put against your credit report and that will stop you from acquiring a home mortgage but also car loans, student loans and even credit cards. A tax lien can be quite negative to your credit.
You will probably have to pay the tax lien off or at the very least negotiate for a less significant sum. The troubling part of it is that even after the tax lien has been satisfied it can stay on your credit report for as long as 7 years. If you do not pay it off it can stay on there for as long as 15 years. If it is not satisfied they can also renew it so you may have a tax lien on your credit forever.
In nearly every case you are much better off to pay off the tax lien rather than contest it. You may be able to settle for a lesser amount and you should try to do that. However, the IRS will find you and you will probably not be able to get away with not paying the taxes that you owe.
After you have paid off the tax lien, it is possible that it will still show on your credit report for as long as 7 years. Though, you can take some actions to attempt to avoid this. When you are negotiating for the lesser amount, put in a request that they delete it from your credit report also. If you are unproductive at that you can try to dispute the listing with a letter.
You will need to write a letter or dispute to all of the three most important credit-reporting bureaus. In the United States, they are Equifax, Experian and TransUnion. You have the right to dispute any derogatory listing on your credit report because of the Fair Credit Reporting Act. If the tax lien has been paid and is displaying as paid in full you may be able to get it deleted.
Keep exact records of all communication between you and the credit bureaus. They have between 30 and 45 days after receipt of your letter to either authenticate the truth of the listing or delete it. You are hoping that they delete it. If they do not do it the first time around, submit another letter and another letter until you get the consequences you want.
Using credit repair tips can be very useful for your economic future and your long-term financial life. You can do all of the work for yourself or you may also choose to use the experience and knowledge of a professional credit repair service. You are responsible for your good credit standing so if you need to do some credit repair to improve it you should do it as soon as possible so that your credit is good when you need it to be. - 31377
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