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Can someone please explain if there is a change that will compel credit bureaus to remove a tax lien. How would that process need to be presented to the agency would be helpful as well. I read something, but need layman terms please, thanks.
A tax lien finds its way into your credit report via its posting as a public record by the taxing agency.
The removal can be obtained in one of two basic ways.
First, by contesting the accuracy of the lien itself.
If you feel that there is no tax obligation, then pursue with the taxing authority via whatever dispute or appeal procedure is appropriate.
If they agree that you do not owe the tax, they will then be required to remove the lien from the public record.
If that is your outcome, you then simply notify the CRA of its deletion, and the CRA will then update its review of the public record, and if it has indeed been removed, then it will be deleted from your credit report.
Second, exclusion of a tax lien from your credit report is required no later than 7 years from the date it is paid.
If the lien is accurate, then pay it, and the 7 year clock begins to tick.
The CRA must monitor the date paid, and ensure that it is not included in any credit report they issue after 7 years from the date paid.