Last year the IRS filed a $1,0000.00 tax lien against me and reported it on my credit. I finally got them paid off a few months ago and they have released the lien. On my credit, it now shows as a relased tax lien.
I have heard that sometimes, if you dispute some negative information on your credit report, a lot of times the reporting agency/company does not respond and it gets removed from your credit bureau file.
My question is: What would happen if I disputed the tax lien on my credit report. Considering the IRS has been paid and they have released the lien, what would they do?
Is there any hope of success in having it removed from my credit files, also would I be breaking any laws?
Please help!
One other thing, this released tax lien is the only negative mark on my credit.
2007-08-29 02:38:38 · 4 answers · asked by thecharmedfive 2 in Business & Finance ➔ Credit
No, the IRS Tax Lien will not drop off your credit report until seven years pass, and you may have to notify the credit bureaus after that elapsed time to stop reporting it. Tax liens, are not as damaging as other credit issues, but coupled with other bad credit they look worse. These type of liens are on public record and will actually never be removed from the court records, they just won't be reported after seven full years. After about six months from when you paid it, your credit scores will hardly be effected at all. I have had several and that is all I ever have that was negative and my scores are close to 800. Don't worry, just make sure you keep everything else up to date, and paid timely.
2007-08-29 03:09:10 · answer #1 · answered by H. A 4 · 1⤊ 0⤋
The tax lien, paid or otherwise, will stay on your report for 7-years.
Yes it's true about disputing items on your report. Often time they don't bother doing the leg-work and just remove it. While disputing a trade-line you know is correct is illegal, so is removing the tag from your mattress.
If you are going to attempt this here are a few tips. When you file the dispute form be as vague as possible. No long explanations. Simply state, "Inaccurate Information, Please Remove" - NOTHING MORE. The more work they have to do, the more likely it will be removed.
Wait until either late November or Early January to do this. These times are traditionally the busiest, therefore will increase your chances the negative trade lines will be removed.
Best of luck in your endeavor. A little time and effort will pay off for you I'm sure.
2007-08-29 02:52:24 · answer #2 · answered by loancareer 3 · 0⤊ 2⤋
While you might get a valid tradeline removed, judgments and liens are different story. When you dispute a tradeline, the credit bureau contacts the creditor for verification. If the creditor doesn't respond, the credit bureau removes it.
Judgments and liens are public records. The creditor didn't report them. Credit bureaus verify by checking the public records. It's valid and it will stay.
2007-08-29 03:21:50 · answer #3 · answered by bdancer222 7 · 0⤊ 0⤋
I don't know if they will remove it, but you can write a comment stating that you did not know about the lien and as soon as you found out made arrangements to take care of it.
2007-08-29 02:51:55 · answer #4 · answered by dustystar 4 · 0⤊ 1⤋