Credit Repair Tips
Liens and Credit Repair
All about liens
If you do not pay State or Federal taxes or pay a
debt owed to a creditor, they can make a claim against your property. This
particular claim is called a tax lien, and it is a horrible situation
altogether. The property they can claim could either be your home or
automobile, and they do this to secure equity in the property for a balance
owed. The government or creditor can also seize the property and auction it for
unpaid taxes or funds.
A lien isn't that big of a deal is it?
Basically, a lien is a guarantee that the creditor gets paid
before anything else happens. If you want to pay off your mortgage or have
money left over when you move, think again. Everything comes second to your
lien because of the contract signed or forced upon you. However, you still have
to pay off your mortgage in addition to your lien, so there is a possibility
you will be in debt and your credit will be damaged from the mortgage and the
lien!
How does a lien affect my credit report and credit score?
This type of security interest looks very bad on your credit
report. Potential lenders see a lien on file and know that in the past, a
creditor had to force you to pay them by taking extreme measures. Unpaid tax
liens can stay on your credit report for up to 15 years! The best thing to do
is to pay your lien off. It still will remain on your credit report for 10
years, even though this is a long time it is still better to pay it off because
there is a chance that it will be removed before the time is up.
How we can help you
CreditLawGroup.com provides low cost
legal representation in disputing inaccurate, incorrect or unverifiable
information contained on credit reports from the three major credit bureaus,
Equifax® Experian® and TransUnion® and their affiliates. You can monitor your
progress online, as well as speak to your Paralegal whenever needed by phone or
email. We have excellent customer service, and are always there to meet your
needs! Speak to a credit repair analyst today!
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to find out more regarding our
credit repair services.
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