Nobody ever wants to back taxes to the IRS. The IRS can be aggressive and brutal when it comes to collecting their taxes. They will make sure that you pay your taxes and it can be very distressing to have tax liens showing up on your credit or against your property.
A tax lien on your credit report will stop you from getting a home mortgage, car loans, student loans and even credit cards. An unpaid tax lien can show on your report for as long as 15 years but even if you pay it off it will show for 7 years or longer unless you dispute it.
It is not likely that you can get away with not paying off your tax lien. The IRS can be ruthless and they will hound you until you pay up or die and even then they will go after your estate. Paying your taxes is a fact of life but occasionally you can negotiate with them to pay a lower amount.
After you pay off the tax lien you will need to request and dispute the negative listing on your credit report or it will stay with you for 7 years or more. There are credit repair techniques that you can employ that can help you succeed it this.
You will need to submit a dispute about the negative credit to each of the major credit reporting agencies, TransUnion, Experian and Equifax. As a consumer, you have a right to do this because of the Fair Credit Reporting Act. In order to start over and begin again after bad credit you will need to do this.
Credit reporting agencies are notorious for reporting inaccurate information but the Fair Credit Reporting Act gives consumers the right to dispute any unfair or inaccurate items. After you pay off a tax lien you can request to have it removed from your report. It is your responsibility to do it so that you can clean up your credit and move on.
The credit reporting agencies are private, non-government enterprises that are in the business to make profits. Their profits come from compiling and selling your information and they do not have a priority to make sure that the information is accurate.
It is your responsibility to make sure that your credit report is correct and your information is portrayed as positively as possible.
You can submit disputes and look for resolutions to repair your credit yourself or you can hire a professional credit repair company. Either way it is imperitive to do it if you have negative credit showing up on your reports.
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