Reply
Valued Member
Posts: 32
Registered: ‎07-16-2007
0

Does owing $$$ to the IRS affect your credit score?

I owe $7000 to the IRS from 2006.  I'm paying a monthly installment and will pay it all off by March 09.  I've looked at my credit report many times and never see anything about the IRS.  But my credit score is in the tank- 622.

 

I have about $18k in CC debt that I am paying off slowly but surely.  I don't have a car note as of last month.

Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Does owing $$$ to the IRS affect your credit score?

Look in the area called "public records." Do you see anything there?

A judgment would show up there. If you're paying them on a plan that didn't go to judgment status, I think you're OK. But I am not anywhere even near the room in which the experts on this hang out, so I'd ready to be corrected!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Does owing $$$ to the IRS affect your credit score?

IRS will only report if it is through a lein. Even then, you might get lucky and not have that report at all, as what happened to me a few yrs back.

 

Utilization is about 30% of your FICO score. Total your CC debt and divide that into your total CLs. That figure expressed as a percentage is utilization. Ideally, you want it reporting less than 10% for each CC and of course overall, and you'd want at least 1/2 of your open CCs reporting at $0.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.