Credit Repair after a Tax Lien

By dhinternational  /  August 28, 2012 / Comments Off on Credit Repair after a Tax Lien

Credit Repair after a Tax LienWe knew the fact that credit rating evaluates our worthiness as a debtor. Our rating shows our ability to pay back something and through our rating we will be notified if we are qualified or not. Once the IRS determines that you owe a tax debt, they will usually notify you and give a certain time frame to pay off the debt. Failing to pay it on the given time will result to the IRS recording a tax lien against you. This will eventually appear on your credit report and of course will result in damaging your rating.

Paying your tax debt is the most important move to repair your credit. However, paying it will not result that the IRS will remove it immediately on your credit report, instead just marking and updating it as paid. This report will still remain on your credit rating for seven years according to the Fair Credit Report Act. However, the damage it brings on your credit rating decreases with time. So, the longer it is, the less impact it brings. You can see how a certain delay and a time missed on paying your tax debt can impact your credit rating for a longer period of time. One of the best things you can do is to practice good management of your debt. Learn by paying it on time. Avoid such delays to prevent any further damage on your credit.

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