Fed Tax Lein

[sailon]

Can anybody answer this. I had a BK (ch.7) in 1987. There is a Fed. Tax lein on my TUCR from 1989. The amount is $685. Can this be disputed with TU and removed or do I need to pay this and it remain on my cr for another 7 years. Also, does anyone know if I can do a PFD on this with the government? Any help, advice, suggestions would be greatly appreciated.

[Uniqua]

WOW!! I thought that it could only stay on your CR 7 years from the DOFD? Dispute it. Who the heck is going to confirm this debt 19 years later? Whatever you do, don't pay it. TU may just delete it since it is so old. I disputed a few old items, not as old as this one, and they deleted them automatically.

Perhaps some one else can shed light on federal liens? But my goodness, 19 years is RIDICULOUS!!!!

[sailon]

Thanks

[Uniqua]

I forgot to ask if this tax lien was discharged with your Ch 7 BK?

[sailon]

Good morning, I disputed this with TU yesterday. This morning I got email stating they had decision. I went to their site and they deleted this from CR! Due to the age , almost 20 years, do you think removal will help my score? All 3 cra's had very similar scores. So I'm thinking this wasn't having much effect on my TU score.

[Uniqua]

Good job, Sailon. I figured they'd delete it without any investigation. I think you're right that it was probably not affecting your score much at all. But, you never know. Any kind of lien, judgment or bankruptcy on your CR still has some sort of negative impact if it is still on there. It just may not be that big of an impact as it ages. Your TU score may go up a few points but I wouldn't count on it jumping significantly.

Have you checked both your TU FAKO and FICO scores? Your TU FAKO score may bump up, but the score that really matters is your FICO score.

I'm hoping one of the mods or CanDo can give a little more information on this??

Please let us know if you do get a score change.

Best wishes!

[sailon]

Thanks Uniqua. I have another question regarding FICO vs FAKO. Have you had any experience with TruCredit. Are they giving FICO or FAKO scores. In your opinion is it worth the 14.95 per month for unlimited pulls and alerts on inquiries or score changes. How often, really, should someone look at their CR's? Doesn't it normally take 60-90 days for reports to get updated.

Thanks again

[Uniqua]

Yes, I have experience with TruCredit. As a matter of fact, I canceled my subscription and made sure they didn't charge me for it. It was not to my benefit.

TruCredit is giving FAKO scores. The only place to get FICO scores is myfico.com. And heck no, it is not worth the $14.95 a month especially since those scores are not the scores that matter.

You can look at your CRs whenever you want. There is no set time frame for doing this as it doesn't hurt you one bit to keep up-to-date on your CRs. If you are looking to obtain credit, it is suggested to check them often to make sure there are no adverse changes that can affect your approval for credit. It is also good to check them if your scores are improving. The higher your scores, the better terms of credit you will receive.

Depending on which CRA you are disputing with, it can take 30-45 days to complete the investigation. Once the investigation is complete, you will receive an updated CR and score (if you paid for one). Doesn't hurt to buy a FAKO score at some point just to see the difference in the two scores. If the tax lien was the only item you disputed with TU, then your investigation is complete and you should, more than likely, receive a new CR on Tuesday. However, you can probably check now. There should be a link that says "update my CR."

Let us know how it goes!

[sailon]

Thanks and I'll let you know if this had any impact on TU score.