IRS Tax Lien Damage Credit Report and Property

By dhinternational  /  May 16, 2013 / Comments Off on IRS Tax Lien Damage Credit Report and Property

IRS Tax Lien Damage Credit Report and PropertyAn IRS tax lien is filed against a delinquent taxpayer, business, or assets because of owed back taxes. The federal government uses this in order to make the delinquent taxpayer do something about his tax problems, and resolve it. Tax liens can seize a property as well as freeze assets. It is advised to seek professional tax assistance if this scenario happens.

So why are tax liens not good to a taxpayer’s credit report and properties? Here are the reasons:

a. Liens show up in a credit report and also in a public record which anybody can view.
b. The opportunity of getting to finance a home or a car would be denied if you have a lien on record.
c. Also, the chances of selling or transferring a property are slim if a lien is filed against you.

As you see, an IRS tax lien can have devastating effects in your credit report. It is best to settle any tax debts you have with the government in order to be free of a bad public record.

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