Articles You Want

A tax levy is just granted property interest over a piece of property to insure that a debt or obligation is met. An irs tax lien 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 forgotten to pay it even after demand, the tax amount along with any fines and interest will become a tax lien to the government consequent to any real or personal property belonging to you. This is placed on your property to ensure that before the property is sold the indeterminate taxes are paid up, either by you or by the buyer.

If a tax levy has been established on any of your real estate or personal property, it will appear in your credit report. It can affect you for a long period and in case you are wondering “How long does a tax lien stay on the credit report”, here are the answers: Paid tax liens continue to appear in the credit report for seven years from the date of paying the tax levy. In case, the tax levy 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 overdue tax liens indefinitely while Experian shows it for 15 years.

This action will affect the credit rating in a terrible way and in turn will reduce your credit score. This means that your credit worthiness in the loan market is brought down and you will be perceived as a high risk debtor. Your ability to find a lender for any future loans could be seriously influenced by this. Therefore, it is necessary that you remove a federal tax lien from the credit report as soon as possible. The only way you can do this is by paying the pending taxes in full and ensuring that the tax agency removes your tax lien, by showing them the receipt for your paid taxes. You should also make sure that the tax settlement is reflected in the 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 Immediate tax lien solution, pay back only a segment of what you owe, stop IRS harassment, halt a tax Levy or tax Lien, settle payroll tax debt. For more information about Federal tax lien, please go to How to Remove an IRS Tax Lien