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PAYING a tax lien has no effect on your credit. What would affect your credit score would be to have the lien released. This is the legal disposition to a lien. Have the release recorded at the same courthouse and send the proof of payment and the release to the credit bureaus. Tax liens have no statute of limitations for how long they can show on your credit report. Having the release recorded and shown on your credit triggers the 7 year countdown for when these public records will be shielded. According to Experian the payment of a tax lien, (which do in fact have statute of limitations of 7 years from the date of payment)payment of a tax lien and the subsequent reporting of the release WILL have a negative effect on your credit score. The logic in the world of credit scoring is this; Once a payment has been made on an old account, this constitutes "activity" on a derogatory credit entry. Recent activity on a derogatory account (even though payment should be considered "good") is considered a negative when computing scores.
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Who to talk to about a state tax lien on your credit report?
If you are in the process of paying it off, ask the state tax bureau to give you a letter for the credit reporting company IF you are paying it off on svhedule in a timely fashion. This will not improve your credit score immediately , but when the lien is paid off, your efforts should be duly noted if you initiate the credit repair.
How many points does a charge off take from your credit score?
first it depends what kind of charge off it is. and your credit score is all up to which credit company your checking your credit on .. there is no real answer to that question.
How long does a paid off tax lien stay on your credit report?
7 years, after they are paid off. I have heard that tax liens stay on your credit report 10 years after they are paid off.
How many points on credit report is taken by a charge off?
A charge-off can hurt your credit score anywhere from 20-120 points.
Who do you contact first to remove a tax lien from a credit report?
Tax lien will show paid--it won't be removed unless it was there in error or you have gone to court and had a judge state that it has to be removed.AnswerWhen a tax lien is removed because it's paid, the credit agency that reported it can be advised. Go to your local IRS office with the information and they can notify the credit bureau that has reported the lien on you. This happened to me once and the IRS updated the lien information with the credit bureau. I did all this person-to-person, it worked better than the telephone. AnswerAnything on your credit report can be disputed at anytime. It all depends on whether it gets verified or not on whether it comes off or not.
Who to talk to about a state tax lien on your credit report?
If you are in the process of paying it off, ask the state tax bureau to give you a letter for the credit reporting company IF you are paying it off on svhedule in a timely fashion. This will not improve your credit score immediately , but when the lien is paid off, your efforts should be duly noted if you initiate the credit repair.
Can you get a new mortgage after you pay off the lien on the house?
Generally yes, if you qualify as to your ability to pay and your credit score and if there is equity in the property.
Will the satisfaction of a judgment affect your credit score and does it completely come off your credit file or show as satisfied?
A judgment will reduce you credit score. It takes about 7 years for an item on your credit report to be removed. You have to make a request for it to be remove from your credit after you 7 year period.
Can paying off credit cards increase your credit score?
Yes off course. Paying off any debts will increase your credit score.
Do you pay off your credit history if you have a insufficient credit score?
If you have n't a sufficient credit score, you don't pay off your credit history. It is impossible.
Can you take out a home equity line of credit when there is a lien on your home?
The lender will require that the lien be paid off.
How long does a lien remain on a credit report?
untill you pay it off
Does paying off your mortgage early affect your credit score?
Yes, it would help your credit score.
How many points does a charge off take from your credit score?
first it depends what kind of charge off it is. and your credit score is all up to which credit company your checking your credit on .. there is no real answer to that question.
How can you get a line of credit with no credit score?
google : "establish credit" Or use a credit restore company - they can help as well and get you off on a great score ;) Wayne
Can you refinance if you paid off your second loan for a lesser amount?
It will depend on several things. If the lien holder is showing that they are satisfied you may have this option. If the lien holder still has a lien on the property to satisfy the shortage, you will need to ask them to subordinate. The final complication may be your credit score. If this was recent, then your fico score may have dropped a lot and you may not be able to find a lender to refinance your first mortgage.
How does a credit card charge off effect your credit score?
Negatively!
