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Mervynsb

New IRS Policy 04/02/2011

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Despite the limited effect of it on your score, this is a huge thing. Where it is going to mean the most is in the perception of a human looking at your credit report. Remember a human being will be examining it for all big decisions and you have a real fresh start here with that lien gone. I have not had any confirmation of my lien being removed from any credit reports yet. It is early days for me however. The lien was only officially withdrawn on march 20th so despite me doing everything I can to expedite it, it is going to take a bit for it to circulate through the system. The good news is that it has been withdrawn at the source which in my case is the Cook County Court records so it will take a little time for that info to be disseminated but I'm past the hardest part (i think).

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You all need to understand that many FAKO scores will stop counting a lien against you when it is more than 3 years old. So, in these cases it isn't at all surprising to see no change in a FAKO when the lien is removed. FICO does not behave that way; for FICO as long as the lien is reporting it is a negative and will lower your scores. I had a single 3.5 year old lien reporting with no other derogatory items. When the lien was removed, I got no score change on the FAKO's, but my FICO scores went up an average of 50 points. The lesson in that is that you should not be concerned that FAKO scores don't bump - it almost certainly will result in good things for your FICO scores, and as others have noted, it impacts credit decisioning in other ways.

Edited by SomeGuyInCA

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It took 5 weeks for me to get form 10916 back after filing form 12277. I am still waiting for the lien to be removed from my credit reports. It has only been like a week however since i got the 10916 though so I am gonna give it a month.

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It took me about 4 weeks to get the 10916 form. Just got it yesterday. the letter included with it stated I could present the form to whomever I deemed appropriate. I'm thinking they did not send a copy to the CRA's as I requested. I'm thinking of calling the contact person listed on the letter and see what's up with that. They did say they have sent it to the courthouse, which is good.

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I actually got copies of the letters that the IRS "claims" they sent to the CRA's. I wasn't going to wait and see if the CRA's deleted the lien from the IRS letters.

 

I mailed copies of the IRS letters, the 10916-A form, and the letter from the IRS stating I had been approved for withdrawal of lien.

 

Equifax removed lien 10 days after I sent my documents. Still waiting on Transunion and Experian to remove lien.

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Just reporting a score reference point ...

 

DW had a fed tax lien filed 5/09. Cleared the matter up and the lien was released without further payment 3/10. Subsequently secured a withdrawal, but the withdrawal isn't reflected and the released lien still reports on all her credit reports. Haven't pursued removal of the entry ... bigger fish to fry and not up to dealing with the CRA frustration lately.

 

Just applied for a joint credit card and received Exp credit scores from the issuer, PNC Bank (score range for the model used is reported to be 316-850, which is the range generally attributed to the Experian/FICO Risk Model).

 

Our credit profile is similar, with DW's lien being the notable difference. myFICO TU's for DW are approx 710, vs 770 for me. Expected a similar difference with Experian.

 

So was pleasantly surprised when mine reported as 797 while hers reported at 771. With that kind of score, may be content to just let the lien age off rather than hassle with it.

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I am doing the happy dance in my living room !!!! Lien just got removed from Experian today !!!

 

Only CRA left is TransUnion. They were the last ones I notified about the withdrawal. Probably another week or so to remove. I hope not longer than that to process.

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As I told you yesterday the IRS lien was REMOVED from my credit report.

 

However when I log into Experian to check status of dispute it says we completed our investigation and the lien REMAINS on your credit report.

 

WTH ?? Should I contact Experian and find out why it says that ? Also, credit score did not change at all.

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Disregard above post. I just got off the phone with Experian. Turns out that the report ID number they give you when you file a dispute CHANGES when they update your dispute.

 

They gave me the new updated dispute number and everything is fine regarding my former lien.

 

I wonder who came up with that brilliant idea that the dispute number changes when updated. Go figure.

Edited by Vettecor

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Yay! After calling Equifax, they removed the lien from my credit report yesterday. So that just leaves experian. I am not sure about them yet. I am almost willing to pay to see my reports/scores.

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I faxed my docs and removal letter to all 3 CRA's yesterday. Gave them 10 days to delete so hopefully by the end of next week I will see some results. I'm not really in a big hurry but just want to get credit cleaned up and try and get some better credit cards.

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My IRS lien just got DELETED from TransUnion !!!!

 

That is three for three. No more tax lien on any of the CRA'S.

 

 

I am real pleased with the time frame that all this took from start to finish. Around 6 weeks total for everything.

 

Good luck guys with your withdrawals. It will take some time, just be patient.

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Just got my NEW FICO score since the IRS lien has been removed. Went up 17 points.

 

Wish it would have gone up more but considering it took me 7 LONG years to pay off the IRS lien, I guess I can't complain.

 

Good luck guys with your lien removal and I hope your FICO goes up more than mine.

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Thats still really good vettecor and it will have even more of an effect on actual human beings looking over your report. It kind of gets underemphasized on these boards, but the actual paying of your debts is most of the battle and your accomplished that which is awesome. i paid off my lien in 2 years which was actually really hard at the time. It was almost 300 a month and I wasn't making much money.at the time. In the years before that I was making a solid 6 figures but by the time I got my lien I had lost my career. Anyway, congrats on paying off your lien and then getting it removed. It must feel really good. I know I feel good about getting mine removed. I'm just waiting on EX to delete. It shouldn't be too hard. I am going to make the point to them that the other 2 reports deleted. For now I am just waiting for them before I do anything else. Now the challenge is to keep from getting liens in the future lol.

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Vettecor, do you have other PRs or collections? If so, those could have kept your score from having more of a bump.

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I have 2 medical collections from the same company, small amounts. I was going to pay them but from what I read its NOT a good idea to pay a collection agency.

 

Only have 1 CC and that has ALWAYS been paid in full each month. Nothing else at all except what was mentioned above.

 

So dddewdrop you are probably right. The medical collections are hurting my score. I am VERY HAPPY that the IRS lien is finally paid off and NOT on my credit report anymore !!

 

Now I want to start applying for some CC to help me rebuild my credit. Trying to look for some cards that are easy to get because I don't want to waste an inquiry. Doesn't have to be a Visa, MC, Discovery, or AE. Thought I would start with a store CC first and go from there.

 

My other problem is I have a very small credit history, only 2 years. So that's not going to help either. Oh well it is what it is.

 

I have gotten along great for the last 7 years without a CC and can continue to do so.

 

Take care guys and thanks for your replies. Good luck with your withdrawals and new scores.

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You should try for Walmart. You get the free fico and I got one with a tu of 519. Its a ge card and you can get a cli every 4 months.

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It is a good idea actually a necessity to rebuild your credit to get some credit cards. It is certainly not necessity nor desireable to get into credit card debt trouble... I had to wait 3 years before i felt that I could handle the responsibility of having credit cards. It is still hard for me so I am taking baby steps. i have 2 new cards a capital one and a walmart and I am keeping them paid in full or a zero balance. Establishing healthy tradelines is a great way to rebuild your credit....

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My lien was deleted from the last report EX. Yay. The whole process took about two months. It would have been 3 weeks less if I had sent my original forms to the right address the first time.

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