With a tax lien on your credit report your score will be dramatically affected. You should take action to erase this mark from your report.
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.
When your letter is received then the bureau will contact the state or federal government and ask them to verify the debt. If it is verified then you will have to negotiate payment to remove it.
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.
Upon payment you should wait around 3 months and then send another dispute letter to the bureaus asking for validation. We have learned that once the government has received payment they often will ignore a bureaus request for validation.
This means that the negative mark will be removed from your report if it is not verified. However if this mark is a mistake and not your debt you should demand immediate proof and send any documentation to show this.
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 attorney or negotiator to help negotiate a repayment amount. It is not absolutely necessary but nonetheless a good idea.
In sum, you can remove a tax lien and other negative marks from your credit report. You do not just have to live with bad credit. - 15790
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.
When your letter is received then the bureau will contact the state or federal government and ask them to verify the debt. If it is verified then you will have to negotiate payment to remove it.
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.
Upon payment you should wait around 3 months and then send another dispute letter to the bureaus asking for validation. We have learned that once the government has received payment they often will ignore a bureaus request for validation.
This means that the negative mark will be removed from your report if it is not verified. However if this mark is a mistake and not your debt you should demand immediate proof and send any documentation to show this.
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 attorney or negotiator to help negotiate a repayment amount. It is not absolutely necessary but nonetheless a good idea.
In sum, you can remove a tax lien and other negative marks from your credit report. You do not just have to live with bad credit. - 15790
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