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I was just reading the Wall Street Journal this morning and came across an article stating that the three major credit reporting agencies will delete tax liens from consumer credit reports and halt reporting of new tax liens beginning on April 16, 2018.
Here's a link to the WSJ article: Missed a Tax Payment? That May No Longer Count Against Your Credit Score
"The three big credit-reporting firms are planning to remove tax liens from Americans’ credit reports, a move that will make some risky borrowers appear more creditworthy and increase the chance they will get new loans from banks.
The firms, TransUnion, Equifax, and Experian PLC have decided to delete the liens from credit reports and to stop adding new tax lien information, according to a court document and two of the companies. The changes will go into effect as soon as April."
I understand your frustration. I have a two-year old IRS lien for $302,000 which has been settled but appears on my Experian and TransUnion reports. I've alternated between attempts to have it removed, and settling to the reality that it will be there affecting my scores for another 5 years. So this news is particularly relevant to me and presumably many others in a similar situation.
I'm wondering if I shouldn't contact EX and TU to get a headstart on removal.
Read this today and thought I'd share it.
Thanks so much for posting this news! The timing couldn't better for me. I was just starting to get up the courage to tackle my unpaid liens as reported on TU (EQ and EX have deleted them, and therefore those scores are 57 and 81 points higher than TU). I wonder how long it will take to actually show up on my TU report (or rather, NOT to show up).
BTW, if you don't subscribe to the WSJ (or don't want to in order to read the whole article), Morningstar has published it in full with free access here:
Thanks for posting the Morningstar link. The entire article was available for viewing on the WSJ site yesterday morning but apparently they placed it behind the paywall later in the day.
@Anonymouswrote:Thanks so much for posting this news! The timing couldn't better for me. I was just starting to get up the courage to tackle my unpaid liens as reported on TU (EQ and EX have deleted them, and therefore those scores are 57 and 81 points higher than TU). I wonder how long it will take to actually show up on my TU report (or rather, NOT to show up).
BTW, if you don't subscribe to the WSJ (or don't want to in order to read the whole article), Morningstar has published it in full with free access here:
I heard this news and disputed my tax lien on Experian and TU this morning...Equifax had deleted it last year. I already heard back from Experian that the lien showing on my report with them has been deleted...
Made my day!
Now, just waiting to see what TU will do.
That's awesome. Congratulations
P.S. I sent you a private message.
@Effielinwrote:I heard this news and disputed my tax lien on Experian and TU this morning...Equifax had deleted it last year. I already heard back from Experian that the lien showing on my report with them has been deleted...
Made my day!
Now, just waiting to see what TU will do.