Facing a Tax Lien? Here's How It Will Affect Your Credit Score

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Facing a Tax Lien? Here's How It Will Affect Your Credit Score

Mar, 21st 2017

Many tax liens will soon be removed from credit reports, but the ones that remain can severely damage your credit score.

If the government has filed a tax lien against you for not paying income, property or other taxes, it can indicate to creditors you're a potentially risky borrower. Failure to pay your taxes may give the impression to potential lenders (or even future employers) your finances are in distress or you're prone to forgetting or ignoring payment obligations.

But if you get hit with a tax lien, there's a good chance it will never appear on your credit report. The three major credit bureaus -- Equifax, Experian and TransUnion -- will begin excluding or removing many liens and nearly all civil judgments from consumers' credit reports starting in July.

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