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Credit Bureaus to Stop Reporting Tax Liens in April 2018

Frequent Contributor

Credit Bureaus to Stop Reporting Tax Liens in April 2018

I was just reading the Wall Street Journal this morning and came across an article stating that the three major credit reporting agencies will delete tax liens from consumer credit reports and halt reporting of new tax liens beginning on April 16, 2018.

 

Here's a link to the WSJ article: Missed a Tax Payment? That May No Longer Count Against Your Credit Score

 

"The three big credit-reporting firms are planning to remove tax liens from Americans’ credit reports, a move that will make some risky borrowers appear more creditworthy and increase the chance they will get new loans from banks.

The firms, TransUnion, Equifax, and Experian PLC have decided to delete the liens from credit reports and to stop adding new tax lien information, according to a court document and two of the companies. The changes will go into effect as soon as April."

08/20/17 FICO 8: EQ 663; EX 644; TU 643
04/01/18 FICO 8: EQ 756; EX 726; TU 728


Message 1 of 84
83 REPLIES
Frequent Contributor

Re: Credit Bureaus to Stop Reporting Tax Liens in April 2018

Figures. They make this decision AFTER I've fought both TU and EQ for nearly 6 months to have a 7 year old state tax lien removed (was finally successful in Jan/Feb). They refused to remove it even though it violated NCAP and was wrongly listed as active/unpaid - despite my providing documentation. I should be compensated for my troubles. 🙃
Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting Score:   09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current Score:  04/08/2018: EX 741✦ EQ 771 ✦ TU 750
Goal Score:   780's


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Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 2 of 84
Frequent Contributor

Re: Credit Bureaus to Stop Reporting Tax Liens in April 2018

I understand your frustration.  I have a two-year old IRS lien for $302,000 which has been settled but appears on my Experian and TransUnion reports.  I've alternated between attempts to have it removed, and settling to the reality that it will be there affecting my scores for another 5 years.  So this news is particularly relevant to me and presumably many others in a similar situation.

 

I'm wondering if I shouldn't contact EX and TU to get a headstart on removal.

08/20/17 FICO 8: EQ 663; EX 644; TU 643
04/01/18 FICO 8: EQ 756; EX 726; TU 728


Message 3 of 84
Frequent Contributor

Re: Credit Bureaus to Stop Reporting Tax Liens in April 2018

Yea, I'd be tempted to get a headstart with disputing it now too, if I were in your shoes. It couldn't hurt. The article claims TU plans to start the removal process the week of the 16th - so maybe you'd end up with a quick dispute resolution if you were to dispute now. Not sure what your reason for dispute should be though.

Whatever you decide to do, I wish you the best of luck - hope yours is one of the very first to drop that week and no further fight is required.
Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting Score:   09/06/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current Score:  04/08/2018: EX 741✦ EQ 771 ✦ TU 750
Goal Score:   780's


Take the myFICO Fitness Challenge

My AAOA: 2.8 years
My Lone Baddie: 4.8 Year Old First Premier Charge-Off (PIF) Smiley Frustrated



Tending My Garden til' 12/31/2018


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 4 of 84
Regular Contributor

New twist to tax lien removal...just sharing

Message 5 of 84
Community Leader
Super Contributor

Re: Credit Bureaus to Stop Reporting Tax Liens in April 2018

There is a God! LOL..Ive been disputing mine for 3 years, with no luck! EX deleted mine 4 yrs ago, but TU and EQ would never budge.

I should see a small increase in those scores, or maybe not since Im still in a very dirty bucket. Regardless, if anything, one less negative in my PR section.
(BK7 d/c-08/2013/FICO-400's) ~ 02/2018~ FICO 08- EQ-669, TU-674, EX-660
Scores being held down by tons of INQ/New acts Smiley Wink
Message 6 of 84
Established Member

Re: Credit Bureaus to Stop Reporting Tax Liens in April 2018

Thanks so much for posting this news! The timing couldn't better for me. I was just starting to get up the courage to tackle my unpaid liens as reported on TU (EQ and EX have deleted them, and therefore those scores are 57 and 81 points higher than TU). I wonder how long it will take to actually show up on my TU report (or rather, NOT to show up).

 

BTW, if you don't subscribe to the WSJ (or don't want to in order to read the whole article), Morningstar has published it in full with free access here:


www.morningstar.com/news/dow-jones/TDJNDN_201803223860/missed-a-tax-payment-that-may-no-longer-count...

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Message 7 of 84
Frequent Contributor

Re: Credit Bureaus to Stop Reporting Tax Liens in April 2018

Thanks for posting the Morningstar link.  The entire article was available for viewing on the WSJ site yesterday morning but apparently they placed it behind the paywall later in the day.

 


@anewleafagainwrote:

Thanks so much for posting this news! The timing couldn't better for me. I was just starting to get up the courage to tackle my unpaid liens as reported on TU (EQ and EX have deleted them, and therefore those scores are 57 and 81 points higher than TU). I wonder how long it will take to actually show up on my TU report (or rather, NOT to show up).

 

BTW, if you don't subscribe to the WSJ (or don't want to in order to read the whole article), Morningstar has published it in full with free access here:


www.morningstar.com/news/dow-jones/TDJNDN_201803223860/missed-a-tax-payment-that-may-no-longer-count...


 

08/20/17 FICO 8: EQ 663; EX 644; TU 643
04/01/18 FICO 8: EQ 756; EX 726; TU 728


Message 8 of 84
Member

Re: Credit Bureaus to Stop Reporting Tax Liens in April 2018

I heard this news and disputed my tax lien on Experian and TU this morning...Equifax had deleted it last year.  I already heard back from Experian that the lien showing on my report with them has been deleted...

Made my day!

Now, just waiting to see what TU will do.

Message 9 of 84
Frequent Contributor

Re: Credit Bureaus to Stop Reporting Tax Liens in April 2018

That's awesome.  Congratulations

 

P.S. I sent you a private message.

 

 


@Effielinwrote:

I heard this news and disputed my tax lien on Experian and TU this morning...Equifax had deleted it last year.  I already heard back from Experian that the lien showing on my report with them has been deleted...

Made my day!

Now, just waiting to see what TU will do.


 

08/20/17 FICO 8: EQ 663; EX 644; TU 643
04/01/18 FICO 8: EQ 756; EX 726; TU 728


Message 10 of 84