Can A Tax Lien Be Removed?
A tax lien will be reported to the credit bureaus and placed on your credit reports in
the public records section.
There are two different kinds of tax liens, and they are
federal tax liens and state tax liens.
Federal liens...
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Can A Tax Lien Be Removed?
A tax lien will be reported to the credit bureaus and placed on your credit reports in
the public records section.
There are two different kinds of tax liens, and they are
federal tax liens and state tax liens.
Federal liens will be recorded with the IRS, and
state liens are recorded in the corresponding county where they were filed.
Each
will have a negative impact on your credit score.
Many times the IRS will offer a
payment plan that will allow you to pay the back taxes over a period of several years
in monthly installments.
Once you have finished paying the tax lien off it will begin
to report on your credit as satisfied.
The same applies to a state tax lien; once paid
off it will report as a satisfied lien.
Unfortunately, this will still have a negative
impact on your credit.
Over time you may be able to regain some of the lost points,
but that takes several years.
A tax lien can stay on the report for over seven years.
Some reports have shown
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