Just got my 3B pull from CCT. The difference the tax lien makes:
Interesting EQ has Short Credit History when the others are long credit history. Are there other differences besides just the lien?
@dman23 wrote:
@Anonymous wrote:
@Thomas_Thumb wrote:Awesome - EQ still reporting the lien? When does it actually reach the 7 year mark?
As far as I know EQ still is. Latest report I have from them is a couple days old. As far as time frame goes, it's weird. The lien is from March, 2008 but it took me 7 years to get it paid off. So I thought I'd be stuck with it for 7 years from March 2015.
Btw...Congrats on the lien being removed. Looks like TU and EX removed them a little earlier. Based on my prior post EQ will be off in March at the latest.
Wow! You should hire yourself out as a psychic. It just vanished from EQ. I am now clean across the board!
@elim wrote:
@dman23 wrote:
@bldmt wrote:Hopefully someone can estimate when mine will disappear. Thanks in advance.
Federal tax lien went on my public record in the local courthouse early 2007.
Started a payment plan with the IRS and made the final payment in September 2014 and it was released.
After I closed on my home in May of 2015 I filed disputes with EX, EQ, and TU and they the removed the derogatories from my report within a couple of weeks.
Much to my surprise in December it popped back up on EQ and a few days later it came back up on TU also (EX did not put it back on). I went back to both of them immediately, they did not remove them but, at least they changed the status to Paid in September 2014.
Based on the FCRA it should have been off as soon as lien was satisfied as September 2014 is more than 7 years from when lien was filed.
I would dispute again and refer to:
§ 605. Requirements relating to information contained in
consumer reports [15 U.S.C. § 1681c]
(a) Information excluded from consumer reports. Except as authorized under
subsection (b) of this section, no consumer reporting agency may make
any consumer report containing any of the following items of information:
(1) Cases under title 11 [United States Code] or under the Bankruptcy
Act that, from the date of entry of the order for relief or the date of
adjudication, as the case may be, antedate the report by more than 10
years.
(2) Civil suits, civil judgments, and records of arrest that from date
of entry, antedate the report by more than seven years or until the
governing statute of limitations has expired, whichever is the longer
period.
(3) Paid tax liens which, from date of payment, antedate the report by
more than seven years.
If you get nowhere file IRS Form 11227 and that will get it removed.
This was top post in google search.
"Under federal law, unpaid tax liens can remain on credit reports indefinitely, though in practice credit bureaus may remove them after a decade or so. (Once paid and released, a tax lien must be removed seven years from the date it was filed.) Jan 30, 2014"
What happens if the taxes have run out of SOL (which will happen to half the taxes on my lien soon). The lien will still be released so I'm hoping it will be the same. My lien was filed in mid 2010 so Maybe it will go poof in late 2017. That would make my year for sure. :]
Late reply but didn't see it answered.
Once a Federal lien runs out of SOL (10 years from 23c aka Assessment date, get your tax transcript and find out what it is exactly usually 3+ years from the original tax filing date since that's how long you have to amend a return before the IRS can do a summary judgement or similar) the lien becomes unenforceable.
In my case I just disputed it as obsolete and it disappeared off EX/TU and it was never there on EQ anyway; there are provisions as I understand it for the IRS to refile the lien, but they typically don't as there really isn't much point and I couldn't find a reported example where they did from any sort of modern timeframe... even if you do anger your assigned agent like I did.
This only applies to Federal liens, individual States have different rules and some of them truly suck. California actually had a bill in the state assembly to make our policies match the Federal Fresh Start, in one of the most liberal states in the union, and it died. Oh well, did the crime do the time I guess. California unless it was Filed In Error you are stuck with it, dman's assertion was correct from what I could find and saw personally:7 years from filed if paid, as an added datapoint that holds on every CRA that reports an expected falloff date for me at least.
@Anonymous wrote:dman's assertion was correct from what I could find and saw personally:7 years from filed if paid, as an added datapoint that holds on every CRA that reports an expected falloff date for me at least.
This is where I was confused. I thought it was 7 years from the paid date. The filing date was March 2008, but I didn't get it paid off until March 2015, so I thought I'd be stuck with it until March 2022.
Yeah there's a metric ton of wrong information out on the Internet on this one, and on this site too for that matter. The implementation has changed over time, and it's not the most commonly talked about topic either... I can count on 1 hand the number of folks with serious tax lien issues and are willing to discuss them who are members of the forum though I'm sure there are others who have had a tax lien at some point in time. BK expertise is far more common.
Congrats. That is awesome.
