If you have a tax lien being reported on your report you score is in serious trouble. You should remove this item as soon as possible.
The first step is to request validation from the bureaus. This is done through sending a dispute letter directly to each.
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.
Upon receipt of your letter the bureau will investigate the mark. They will contact the state or federal government and ask for verification that the debt does exist. If it is verified then you will have to make some form of payment.
Depending on the amount you owe it may be in your interest to contact a tax negotiator. This is because they can often negotiate a reduced payment for you. However you can also negotiate directly with the government.
This debt can be collected on for 10 years. It will be reported on your report for 7 years once it is paid.
However once you pay in full, wait three months and dispute the mark again. It has been learned that frequently the government will ignore future validation requests from the bureaus once a lien is paid.
This means your tax lien will not be verified and the bureau will erase it from your report. However if this mark is incorrect to start with you can demand proof that the account is yours, and send any documentation you have to prove your side.
Repayment
The IRS and state government often accept partial payment. To propose this to them you will make an offer in compromise, often called an OIC.
The government will decide to accept based on; your income, assets, ability to repay, expected amount they will recover. It can help if you send in a letter explaining your financial hardship that led up to this.
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, you can remove a tax lien and should. You don't just have to wait seven years for this mark to fall off naturally.
The first step is to request validation from the bureaus. This is done through sending a dispute letter directly to each.
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.
Upon receipt of your letter the bureau will investigate the mark. They will contact the state or federal government and ask for verification that the debt does exist. If it is verified then you will have to make some form of payment.
Depending on the amount you owe it may be in your interest to contact a tax negotiator. This is because they can often negotiate a reduced payment for you. However you can also negotiate directly with the government.
This debt can be collected on for 10 years. It will be reported on your report for 7 years once it is paid.
However once you pay in full, wait three months and dispute the mark again. It has been learned that frequently the government will ignore future validation requests from the bureaus once a lien is paid.
This means your tax lien will not be verified and the bureau will erase it from your report. However if this mark is incorrect to start with you can demand proof that the account is yours, and send any documentation you have to prove your side.
Repayment
The IRS and state government often accept partial payment. To propose this to them you will make an offer in compromise, often called an OIC.
The government will decide to accept based on; your income, assets, ability to repay, expected amount they will recover. It can help if you send in a letter explaining your financial hardship that led up to this.
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, you can remove a tax lien and should. You don't just have to wait seven years for this mark to fall off naturally.
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