     Phillip Shepherd (Phillipjr) | Sunday, July 02, 2000 - 01:31 pm 
Are Federal Tax Liens as bad as bankruptcy on a credit report? Do they hurt you more or less than charge offs? I have two from 1994 and 1995 that haver been settled but it still shows on the reports as not being paid. Can you ever establish credit agian with these in there? They were for 40k and 50k. Should I try to have them listed as paid? The date would be 12/99 for the payment so it would take 7 yrs from then to drop off. That not bery appealing. Am I better off just letting them sit? Thanks. |
| Christine Baker (Admin) | Sunday, July 02, 2000 - 02:55 pm
Yes, definitely DISPUTE and have them listed as paid. Make sure they list the correct PAID date, after 7 years they should drop off.
They'll stay on the report FOREVER if you don't have them reported as paid.
I really can't say how the liens compare to bk or charge-offs, as it all depends on the rest of your credit.
It won't be so bad for MANUAL (mortgage) underwriting, but the Scores will be low. Make sure you maintain LOTS of other GOOD accounts! |
| Shylock (Shylock) | Sunday, July 02, 2000 - 05:39 pm
Unpaid federal tax liens are as bad as they come. A lender will fear that any assets you get will be siezed by the feds to pay your bills. Make sure they get updated to paid. |
| Christine Baker (Admin) | Sunday, July 02, 2000 - 06:32 pm
Good point! That's of course if a lender bothers to look at the actual report instead of the Credit Score, which very rarely happens anymore.
And I highly recommend keeping the papers proving the paid settlement FOREVER. |
| B.Boram (Billybob) | Monday, July 03, 2000 - 03:57 pm
Phillip,
I too had Fed Tax Liens showing on my CRA reports as paid (disch in BK7), but still causing problems. I tried disputing them with the CRA's..only Trans Union deleted the lien...so I sent a letter to the IRS office which filed the lien (Oakland, Ca) and asked them to delete them from my CRA reports..figuring, what do I have to lose..in about a week I reecived a ph call from them requesting that I send them the names & addresses of the CRA's and they would request them to delete the lien info.... |
| Phillip Shepherd (Phillipjr) | Tuesday, July 04, 2000 - 11:38 am
It was my understanding that the credit bureaus seek out public info about you (like tax liens) and put it into your report. I didn't think the IRS ever reported to them. If you were sucessful in writing to them (IRS) please let me know. |
| B.Boram (Billybob) | Tuesday, July 04, 2000 - 12:56 pm
As I previously posted, "they" the IRS has stated "they" will write to each CRA to have the lien info deleted. Once deleted, it is unlikely to be readded..The same as occured with BK's, when you successfully have them deleted thru the dispute process, they rarely reappear. I have yet to see the results of the IRS letter to the CRA's, I'll post when I do. |
| Christine Baker (Admin) | Tuesday, July 04, 2000 - 01:16 pm
It seems that there IS a way to remove public record info. I once had an NOD filed against my house by Home Savings "in error" and last time I checked my reports it didn't show up.
Does anyone know how creditors un-do those filings? |
