Remove Tax Lien
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 bureaus validate the lien. You need to send each bureau a dispute letter.
It is not uncommon for wrong information to be reported on your report. This is because mistakes do happen and it is as easy as dialing a wrong phone number.
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.
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.
These debts are collectible for 10 years. The negative mark will stay on your credit for 7 years once it is paid. If it goes unpaid you could have a lien on your report for a long time.
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 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 governments are willing to accept partial payment. It is called OIC (offer in compromise), this means you are settling your tax debt for less than the balance.
When the government decides to accept your OIC or not they will look at your; ability to repay, your assets, and your income. It can help your cause if you send a letter pleading 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 should. You don't just have to wait seven years for this mark to fall off naturally.
The first step is to have the bureaus validate the lien. You need to send each bureau a dispute letter.
It is not uncommon for wrong information to be reported on your report. This is because mistakes do happen and it is as easy as dialing a wrong phone number.
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.
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.
These debts are collectible for 10 years. The negative mark will stay on your credit for 7 years once it is paid. If it goes unpaid you could have a lien on your report for a long time.
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 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 governments are willing to accept partial payment. It is called OIC (offer in compromise), this means you are settling your tax debt for less than the balance.
When the government decides to accept your OIC or not they will look at your; ability to repay, your assets, and your income. It can help your cause if you send a letter pleading 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 should. You don't just have to wait seven years for this mark to fall off naturally.
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posted by Debt Consolidation Loan at
3:00 PM
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