Tax Liens
When someone does not comply with federal tax payments for amounts over $10,000, the IRS will often put a lien on the individual’s assets in correlation to the accumulated fees. If an agreement is not made when it comes to paying the debts, the person’s credit score may decrease dramatically.
According to Credit Karma, tax liens are even more damaging to a borrower’s credit ratings due to them having the ability to remain on the borrower’s report forever, even when paid in full. If a tax lien is still impacting your score after paying the entire amount due, try filing a dispute with the credit bureau in order to resolve the issue.
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