Whats a tax lien worth???

[PRILEY]

I have a tax lien from a business (Inc) filed 2002 paid 2005 for which the government said I was personally liable for. The only report it shows up on is EQ. My score is 700. Several questions, How much is this holding me back and will I see an increase in score when the lien is 6 yrs old from date paid, or do I just suffer till the thing is 7 years old from date paid

[RobertEG]

The impact of major derogs decays very slowly. 

Very little difference is seen between 5, 6, and 7 years.  I estimate less than a 10-pt reduction per year.

Drop off date for your tax lien is 7 years from date of payment, which would be in 2012. 

[cascade159]

I had a Federal Tax Lien added to my report (over $28K) and it did nothing to change my EQ FICO score. Since that time I've filed some returns and got the bill down under $10K but it will not come off my credit report until paid in full.

[haulingthescoreup]

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@PRILEY wrote:

I have a tax lien from a business (Inc) filed 2002 paid 2005 for which the government said I was personally liable for. The only report it shows up on is EQ. My score is 700. Several questions, How much is this holding me back and will I see an increase in score when the lien is 6 yrs old from date paid, or do I just suffer till the thing is 7 years old from date paid

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Do you have any other public records on your reports? (BK, judgments, etc.) How about serious derogs? (60-day under 2 years, 90 or above, charge-off, collection.)

If you already have a judgement, your scores probably won't get much worse. If you don't have a judgement, but you do have a serious derog, it will move you into the other negative score bucket, and they might get worse.

If you don't currently have any judgments or serious derogs, this judgment is hurting you, and it will do so until it falls off, by keeping you in a negative bucket.

[PRILEY]

I have a couple 30"s that will fall of in april 2011. Other than that I'm clean. I argued with equifax about the time frame but to no avail. Anything else I could do?

[PRILEY]

bump