Dismiss IRS Tax Levy from your Credit Report
A tax lien is just granted property interest over a piece of property to insure that a debt or obligation is met. A federal tax levy can be stated to be a tax lien placed on a property to secure payment of taxes. They are imposed when there has been a failure to pay taxes, which could be any tax like personal property tax, real property tax, income tax or any other delinquent tax. That is, if you have not paid your tax and have omitted to pay it even after demand, the tax amount along with any fines and interest will become a tax lien to the government beginning with any real or personal property belonging to you. This is placed on your property to ensure that before the property is sold the pending taxes are paid up, either by you or by the buyer.
If a tax levy has been placed on any of your real estate or personal property, it will appear in your credit report. It can haunt you for a long period and if you are wondering “How long does a tax lien stay on your credit report”, here are the answers: Paid tax liens carry on to appear in the credit report for 7 years from the date of paying the tax levy. In case, the tax lien has not been paid, it will remain for a minimum period of fifteen years; in some cases it may remain forever. Equifax and TransUnion show due tax liens indefinitely while Experian shows it for fifteen years.
This action will influence the credit rating in a bad way and in turn will weaken your credit score. This means that your credit worthiness in the loan market is lowered and you will be perceived as a high risk debtor. Your ability to find a lender for any future loans could be seriously affected by this. Therefore, it is imperative that you remove an irs tax lien from the credit report as soon as possible. The only way you can do this is by paying the awaiting taxes in full and ensuring that the tax agency removes your tax levy, by showing them the receipt for your paid taxes. You should also make sure that the tax settlement is reflected in your credit report – please note that only the severity of the lien’s impact on your credit rating is reduced, as the lien will continue to appear for seven years in your credit report.
Remove A Tax Lien helps you find Instant tax lien relief, pay back only a part of what you owe, stop IRS harassment, halt a tax Levy or tax Lien, settle payroll tax debt. For more information about IRS tax lien, please visit How to Remove an IRS Tax Lien
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