Tax Liens

Tax Liens Credit Repair in Dallas-Fort Worth, Texas

Tax Liens Credit Repair

Let unpaid, a tax lien can hinder your credit rating for up to 10 years. That is why you need to take steps to have it removed. Without doing so, it can be difficult to improve your credit health and put yourself in a position to buy a house, car, or other major appliance.

Why would a tax lien be included on your credit report? Simple. If you don’t pay your taxes, it suggests to creditors that you’ll also have trouble paying your bills. When you are ready to get a tax lien off your record and move on with your life, you need to contact the credit repair professionals from Trinity Credit Services. For years, we have been helping customers throughout the Dallas-Fort Worth area repair and restore their credit status.

At Trinity Credit Services, we handle much more than tax liens. We also help customers repair their credit in the wake of charge-offs, auto loans inquiries, late payments, bankruptcies, repossessions, foreclosures, and much more. We can help you, too.

Removing a Tax Lien Can Boost Your Credit Score in DFW

removing a tax lien can boost

Because every case is different when it comes to a resolution with the IRS and other taxing agencies, there is no guarantee that removing a tax lien will enhance your credit scores with the three major credit bureaus. However, research by LexisNexis Risk Solutions showed that consumers who see a change to their credit report as a result of this action typically see their credit scores increase by as much as 30 points overall.

The impact on your score will depend on a number of factors. These include:

  • The credit scoring model used (e.g., VantageScore® 3.0 vs. FICO® Score 8) and how heavily it weighs tax liens.
  • The age of the tax lien. A more recent tax lien can have a greater impact on your scores.
  • Other details about the tax lien, such as how much is still owed and for how long.

In general, the older your debt and the smaller the amount owed, the less a tax lien will impact your scores. But even if the impact on your scores is minimal, a tax lien can affect your credit in other ways. Lenders, for example, can review your credit reports and see your lien before approving any applications. Having the lien listed may inhibit your ability to qualify for financing. Some mortgage lenders, for example, will require you to satisfy the lien before closing your mortgage.

Defining a Tax Lien & Eliminating it with Trinity Credit Services

defining a tax lien

A tax lien, very simply, is a federal, state or local government’s legal claim against any and all assets of a taxpayer who fails to pay a tax debt. For a federal lien, the IRS can file a public document — called a Notice of Federal Tax Lien — to inform creditors that the government has a legal right to your property. A federal tax lien on your home means you’ll have to satisfy the lien before you can sell the home or refinance it.

But what if you can’t afford to repay the IRS in full? Fortunately, Trinity Credit Services offers several other options to get the lien withdrawn. For example, you can:

  • Meet your tax obligation in monthly installments by applying for an online payment agreement.
  • Settle your debt for less than the full amount if you qualify for an offer in compromise.
  • Request that the IRS temporarily delay collection until your financial situation improves.

Trust Trinity Credit Services to Assist with Your DFW Tax Lien

At Trinity Credit Services, we have had a long, proud history of success when it comes to creating relief from tax liens for our DFW customers. When you need our services, Contact Us online or give us a call at 1-866-820-2176.

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