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TAX LIENS IMPACT BUSINESS & CONSUMER CREDIT SCORES
What is a tax lien & how will it impact your business and personal credit standing? The IRS can be hasty in their attempt to collect unpaid debts from business owners and consumers without giving them much of a chance to fulfill the debt. We have spoken to many business owners who have been reprimanded by the IRS before the tax bill due date had even passed. You may know that IRS repercussions for an unpaid bill are serious and will cause damage to your financial stability and credit reports. The North Shore Advisory team of business credit experts have noticed a significant increase in the number of liens being filed against new and existing business clients of ours. A tax lien is defined as a state or federal claim against a company’s assets or property due to their failure to satisfy a tax bill on time. When the IRS issues a “demand for payment” letter they give you 10 days to pay the bill, if it is not paid on time a lien is generated. After the lien is created the IRS notifies your other creditors that they have a claim on all or some of your assets. Since a tax lien is public record it will impact all three business credit reports and if you’re a sole-proprietor or partnership it will likely impact your personal credit reports as well. You will end up with a damaging blemish on your business credit reports that can hurt scores significantly and greatly impact your ability to secure a line of credit, business loan, increase insurance premiums, or even maintain relationships with your current suppliers and partners. It is possible to help your profiles through paying off the lien, however we have noticed that after liens are paid businesses end up with two listings on their reports one for the date filed and the second for the date released, depending on the bureau. Even after the debt is resolved it is possible for the lien to remain on reports for many years to come. We understand the impact that tax liens and delinquencies have on business credit reports and with our three decades of experience, our business credit specialists have developed an approach to effectively remove tricky tax liens from business credit reports. This puts our clients in a better position to secure loans, lines, leases, and new/existing partnerships. As far as IRS liens relate to personal credit, scores can be impacted dramatically by open or satisfied IRS liens. The more recent the lien the worse it drops credit scores. As with business credit, even a paid IRS lien can remain on reports and drop personal credit scores. Luckily, North Shore has been very successful in removing these lien types so reach out to us if you have questions. If you or your business suffer from the weight of a tax lien on your business and/or personal credit reports reach out to one of our credit specialist for a free analysis. ...read more
By North Shore Advisory, Inc. April 25, 2017
Pawnshop And Loan Services Elmsford New York -Londontown Jewelers
Our shop is the best pawnshop to buy and sell items at in the local area. We have been working in the community for over 30 years now. Stop by our shop and browse our inventory today. We also offer FREE appraisals. ...read more
By Londontown Jewelers December 23, 2014