topic Re: Tax lien vanished, 55 point increase in General Credit Topics

Tax lien vanished, 55 point increase

Anonymous — Sat, 16 Jan 2016 19:41:33 GMT

My state tax lien just vanished from Experian. No idea why, (same thing happened with TU in Feb last year). Score jumped from 744 to 799.

Re: Tax lien vanished, 55 point increase

NYFan63 — Sat, 16 Jan 2016 19:46:06 GMT

Congrats CAP

Re: Tax lien vanished, 55 point increase

Thomas_Thumb — Sat, 16 Jan 2016 19:57:31 GMT

Awesome - EQ still reporting the lien? When does it actually reach the 7 year mark?

Re: Tax lien vanished, 55 point increase

Anonymous — Sat, 16 Jan 2016 20:13:41 GMT

@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.

Re: Tax lien vanished, 55 point increase

lg8302ch — Sat, 16 Jan 2016 20:22:12 GMT

Great and I hope for you it will not come back

Re: Tax lien vanished, 55 point increase

Thomas_Thumb — Sat, 16 Jan 2016 20:47:52 GMT

I would hope they would come off within a year after settlement since it has been over 7 years.

Perhaps Inverse can weigh in on this. I know he had 2 or 3 that he got cleared off his CRAs.

Re: Tax lien vanished, 55 point increase

Anonymous — Sat, 16 Jan 2016 20:29:29 GMT

@lg8302ch wrote:
Great and I hope for you it will not come back

Yeah, the thought did occur to me that this might just be a tease.

Re: Tax lien vanished, 55 point increase

Anonymous — Sat, 16 Jan 2016 21:10:49 GMT

Happy for you CAP, not a shabby score either.

Re: Tax lien vanished, 55 point increase

dman23 — Sat, 16 Jan 2016 21:12:53 GMT

Once paid and released a tax lien must be removed seven years from date it was filed.

Re: Tax lien vanished, 55 point increase

Anonymous — Sat, 16 Jan 2016 21:22:06 GMT

@dman23 wrote:
Once paid and released a tax lien must be removed seven years from date it was filed.

There is a lot of different information floating about on the time frame issue. Most commonly, it's stated that an unpaid tax lien is removed after 10 years, but a paid tax lien is removed 7 years from when it's paid.

Re: Tax lien vanished, 55 point increase

dman23 — Sat, 16 Jan 2016 21:27:52 GMT

@dman23 wrote:
Once paid and released a tax lien must be removed seven years from date it was filed.

Straight from the source:

§ 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.

Re: Tax lien vanished, 55 point increase

SouthJamaica — Sat, 16 Jan 2016 21:31:28 GMT

@Anonymous wrote:
My state tax lien just vanished from Experian. No idea why, (same thing happened with TU in Feb last year). Score jumped from 744 to 799.

Uh oh.

I know you Captool.

This could be a big temptation for you

Re: Tax lien vanished, 55 point increase

dman23 — Sat, 16 Jan 2016 21:31:56 GMT

@Anonymous wrote:
@dman23 wrote:
Once paid and released a tax lien must be removed seven years from date it was filed.
There is a lot of different information floating about on the time frame issue. Most commonly, it's stated that an unpaid tax lien is removed after 10 years, but a paid tax lien is removed 7 years from when it's paid.

Unpaid tax liens can remain on credit reports indefinitely. You're probably right that an unpaid will drop off after around 10 years.

Re: Tax lien vanished, 55 point increase

dman23 — Sat, 16 Jan 2016 21:36:57 GMT

@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.

Re: Tax lien vanished, 55 point increase

Anonymous — Sat, 16 Jan 2016 21:41:57 GMT

@SouthJamaica wrote:
@Anonymous wrote:
My state tax lien just vanished from Experian. No idea why, (same thing happened with TU in Feb last year). Score jumped from 744 to 799.

Uh oh.

I know you Captool.

This could be a big temptation for you

Yep. Right now I'm hearing the Siren song of PenFed.

Re: Tax lien vanished, 55 point increase

dman23 — Sat, 16 Jan 2016 21:46:11 GMT

One other thing on tax liens. As far as a Federal Tax Lien, once one satisfies the lien one can file Form 12277 to have lien withdrawn.

I'm sure individual states have forms or procedures to have state tax liens removed.

In New York, once bill is paid in full, the Department of Taxation and FInance will notify the Department of State and the County Clerk and lien will be removed.

I just learned that it's not the IRS or respective state that reports a tax lien to the CRA's, rather the CRA's get this information as a matter of public record. I guess technically one with a tax lien could luck out if CRA doesn't do a public recodr search on an individual.

Re: Tax lien vanished, 55 point increase

SouthJamaica — Sat, 16 Jan 2016 21:48:15 GMT

@Anonymous wrote:
@SouthJamaica wrote:
@Anonymous wrote:
My state tax lien just vanished from Experian. No idea why, (same thing happened with TU in Feb last year). Score jumped from 744 to 799.

Uh oh.

I know you Captool.

This could be a big temptation for you
Yep. Right now I'm hearing the Siren song of PenFed.

I knew it.

Now if I were to give you the type of advice you'd give to me, it would be "what are you waiting for?"

But here's another way to look at it : now that you're a hotshot with an EX 799.... you don't need no banks no more

Re: Tax lien vanished, 55 point increase

Anonymous — Sat, 16 Jan 2016 21:53:41 GMT

I'm going to wait a little bit to make sure it doesn't come back.

Re: Tax lien vanished, 55 point increase

bldmt — Sat, 16 Jan 2016 22:08:47 GMT

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.

Re: Tax lien vanished, 55 point increase

dman23 — Sat, 16 Jan 2016 22:38:11 GMT

@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.