Hey everybody, what's going on? It's Jose Rodriguez with CleanSlate Credit Solutions. I wanted to do this live video not just for my clients, but for the US and for everybody out there who has questions about their credit report. There's a lot of articles circling around and a lot of information going around regarding tax liens and judgments. Starting from July 1st, the credit bureaus, which include Equifax, Experian, and TransUnion, will no longer report a lot of tax liens and judgments on a credit report. However, this doesn't mean that if you currently have these on your credit report, they will magically disappear. I personally believe that the credit bureaus want consumers to think that, but it's not the case. The credit bureaus won't automatically delete this information. The reason I say this is because the credit bureaus were so concerned about the accuracy of the information on your credit report. If that were the case, then professionals like me and my colleagues in the credit repair industry wouldn't be in business today. So please don't think that just because this information no longer appears on your credit report, you're completely in the clear. Now, let me explain what a tax lien and a judgment are. A judgment is when a creditor or collection agency sues you for a debt that you failed to pay. For example, if you had a Macy's credit card and you were 180 days past due, they would charge off the debt and no longer try to collect it. Then, they would sell it to a collection agency who would try to collect the debt from you. If their attempts to contact you go unanswered, they may sue you. If you receive a letter saying that you have been sued, it's important to seek professional...
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What is a tax lien on credit report Form: What You Should Know
The amount the IRS claims is set when the federal tax lien was placed against you.
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