by Matt Douglas,
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on the net: http://www.youcancreditrepair.com
UNITED STATES, Jan 04 — 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 have the bureaus validate the lien.In sum, you can remove a tax lien and other negative marks from your credit report
I
f 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 have the bureaus validate the lien. You need to send each bureau a dispute letter.
Unfortunately mistakes do happen on your report; there are estimates that 1 in 4 people have an error 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.
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.
A tax lien can be collected upon for 10 years, and will stay on your report for 7 years once it is paid. If not paid then you can be reporting a tax lien on your report for a considerable amount of 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.
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 IRS and state government often accept partial payment. To propose this to them you will make an offer in compromise, often called an OIC.
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 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 other negative marks from your credit report. You do not just have to live with bad credit.
Communicate directly with Matt Douglas, the author of this article. Ask questions, send suggestions, comments, engage in conversation, or perhaps you would like to submit a project.
Click Here to ask a question, send a comment, or proposal.
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