Remove Tax Lien
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.
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.
It may be in your best interest to talk with a tax negotiator to work out a settlement with the government. You can often pay a reduced amount, and once paid you can remove it from your report.
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.
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 that the negative mark will be removed from your report if it is not verified. However if this mark is a mistake and not your debt you should demand immediate proof and send any documentation to show this.
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 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 request validation from the bureaus. This is done through sending a dispute letter directly to each.
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.
It may be in your best interest to talk with a tax negotiator to work out a settlement with the government. You can often pay a reduced amount, and once paid you can remove it from your report.
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.
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 that the negative mark will be removed from your report if it is not verified. However if this mark is a mistake and not your debt you should demand immediate proof and send any documentation to show this.
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 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
2:28 PM
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