HUGE TAX LIEN removed from my Credit Report!?
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I had an $185,000 IRS Tax Lien on my credit report. It was big and it was nasty. I negotiated with the IRS and was able to not only have the lien released, but REMOVED from my credit report. It is GONE as if it were never there! Yippee! THE RESULTS: So, how much did my credit score go up as a result of having a $185,000 tax lien removed from my credit report? 100 points? 150 points? Get ready for this: ZERO points. On both Equifax and Experian there was NO CHANGE in my credit report. None, not a point. Now mind you, I had one credit inquiry recently when I applied for a credit card. That knocked my score down 20 points across the board - just applying for a single credit card. But getting $185,000 in debt taken off my report doesn't even get me a point. Incredible. Can anyone please explain this insanity to me? P.S., My score is 717.
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Answer:
Like any negative entries, (judgments, charge offs, bankruptcy) they remain on ones credit report for a maximum of 7 years whether paid or settled. Are you sure it has been removed ? Have you pulled your true credit report recently? Did you deal directly with the IRS? or deal with one of those "we can reduce your IRS debt" firms.
mitchell... at Yahoo! Answers Visit the source
Other answers
As you probably know, several factors affect your credit score: payment history, total debt, available credit, length of credit history etc but I don't think anyone knows the exact algo the credit agencies use to calculate credit scores. Maybe it still counts against you even though it has been released, sometimes it takes time for the scores to adjust. Try calling the credit reporting agency?
Maybe it was not factored in your score or maybe it has not been updated in there system. Visit RepairMyOwncredit.com They can help you clear up the item from your report!
jimmy
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