If you have a tax lien on your credit report, you should take immediate action to remove it. This is a very bad mark and will lower your score considerably.
The first step is to have the lien validated; you must do this directly with the bureau. Simply send them a letter and ask them to validate the debt.
Surprisingly it is not out of the ordinary for incorrect information to be reported on your credit. It is estimated that 1 in 4 people have inaccurate information on their report.
Once your letter is received an investigation will occur. The bureaus will contact the government and ask them to verify your debt. If it is verified you are going to have to make payment to remove it from your report.
If you have a large debt you should speak with a tax attorney or negotiator to help work out some form of repayment. Frequently you can pay a reduced amount, and when paid you can remove it from your report.
This debt can be collected on for 10 years. It will be reported on your report for 7 years once it is paid.
Once you pay your lien in full, we suggest you wait 3 months and then dispute the mark with the bureaus again. It has been learned that once payment is made the tax departments will frequently ignore validation requests from the bureaus.
Thus your lien will not be verified and the bureaus will remove it from your report. Additionally if this mark was make in error then send any documentation along with your dispute letter to prove that.
Repayment
The state and federal government are willing to negotiate and settle on a reduced payment. It is called an OIC (offer in compromise), this just means that the government is accepting partial payment.
The government will look at; your ability to repay, your income, your assets, and what they expect to recover. Additionally it will help your chances of acceptance, if you attach a letter showing financial hardship.
It may be in your interest to hire a tax negotiator to help with this. However you do not have to just live with this mark on your report.
In sum, take action today and get this lien off your report. It will be hard to be approved for credit with decent terms as long as this mark is on your credit. Don't just wait seven years. - 14915
The first step is to have the lien validated; you must do this directly with the bureau. Simply send them a letter and ask them to validate the debt.
Surprisingly it is not out of the ordinary for incorrect information to be reported on your credit. It is estimated that 1 in 4 people have inaccurate information on their report.
Once your letter is received an investigation will occur. The bureaus will contact the government and ask them to verify your debt. If it is verified you are going to have to make payment to remove it from your report.
If you have a large debt you should speak with a tax attorney or negotiator to help work out some form of repayment. Frequently you can pay a reduced amount, and when paid you can remove it from your report.
This debt can be collected on for 10 years. It will be reported on your report for 7 years once it is paid.
Once you pay your lien in full, we suggest you wait 3 months and then dispute the mark with the bureaus again. It has been learned that once payment is made the tax departments will frequently ignore validation requests from the bureaus.
Thus your lien will not be verified and the bureaus will remove it from your report. Additionally if this mark was make in error then send any documentation along with your dispute letter to prove that.
Repayment
The state and federal government are willing to negotiate and settle on a reduced payment. It is called an OIC (offer in compromise), this just means that the government is accepting partial payment.
The government will look at; your ability to repay, your income, your assets, and what they expect to recover. Additionally it will help your chances of acceptance, if you attach a letter showing financial hardship.
It may be in your interest to hire a tax negotiator to help with this. However you do not have to just live with this mark on your report.
In sum, take action today and get this lien off your report. It will be hard to be approved for credit with decent terms as long as this mark is on your credit. Don't just wait seven years. - 14915
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