Q:
I have a state tax lien on my credit report. Once paid how quickly will this reflect in my score? Also, any idea roughly a tax lien reduces your score?
A:
Hello,
There is no set number with the credit scoring process for tax liens. Based on all the credit reports I have seen, usually any negative mark such as late payments, collections, public records etc can drive your credit score down 100 points or so. Typically when you pay off a collection or public record, such as judgements and tax liens you will see a credit score improvement of around 30 to 40 points. Results vary depending on your overall credit profile. How much good credit do you have ? What is your credit balance to limits ? How long have you had good standing payment hitory, etc………..
Mike Clover
CreditScoreQuick.com
