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[Article] A lien is a legal claim against a person’s property (such as a car or a house) as security for a debt. A lien (pronounced “lean”) may be placed by a contractor who did work on your h... Is a judgment or lien just as bad for my credit score as bankruptcy? [Article] Yes and no -- but generally speaking, yes, an incident of a judgment or lien is just as bad as a bankruptcy filing. However, a judgment or a lien is just one item. A bankruptcy normally discharges sev... What is a tax lien? [Article] This is a type of lien (also known as a levy) placed on a property (real property or personal property) to secure the payment of taxes. This is basically a black spot that can create lasting damage to... How much does a judgment, lien, or bankruptcy affect my FICO score? [Article] These items are amongst some of the most severely negative items that can appear on your credit reports, and they will have a drastic negative impact to your FICO credit scores. If you file bankrup... Do lawsuits go on your credit report? [Article] Lawsuits used to go on your credit report, but not any longer. The fact that you’re being sued does not go on your credit report. Judgments and liens, however, will appear on your credit report... What is public record information? [Article] Public record information is different from loan and account records. First off, there are no lenders to report it. Courthouses aren’t staffed to send in all of your credit-related public record... What is wage garnishment? [Article] Wage garnishment occurs when money is taken from an employee’s paycheck, bank account, or other asset to satisfy unpaid (delinquent) debt. Usually this occurs by court order; the creditor needs ... What is an offer in compromise? [Article] Offer in compromise: An offer in compromise (OIC) is an agreement between a taxpayer and the IRS that settles an individual’s tax liabilities for less than the full amount owed. The IRS will not... Why does the IRS impose tax liens and how can I get mine removed? [Article] The IRS imposes tax liens because they have a high rate of effectiveness. As long as liens are being filed, taxpayers will have few alternatives except pay... What is a judgment? [Article] A judgment is a decision from a judge on a civil action or lawsuit, usually containing an amount of money a person is required to pay to satisfy a debt or as a penalty. Judgment records remain on your... How do I get out of an upside down car loan? [Article] If your loan amount on your car is more than the car’s value, or if you think your car payment is too high, you can apply to refinance your auto loan. Even if you have less-than-perfect credit y... What is credit repair? [Article] Credit repair, also known as credit doctoring or credit restoration, is the process whereby you or someone on your behalf attempts to get negative information removed from all three credit reports. T... What will happen if I don't pay my IRS tax debt? [Article] The IRS Collections Process If you owe IRS tax debt, watch out. The IRS is the biggest collections agency in the U.S. and they’re going to use every ... Can a collection agency garnish my wages? [Article] Yes, credit card companies can garnish (take away) your wages, but only if such action is legal in your state. For this to happen, a lawsuit must be filed against the consumer. A possible outcome from... How long does negative information stay on my credit report? [Article] Negative information has a statute of limitations. For the most part, negative information stays on your credit report for seven years. There are some exceptions to this rule, however: Credit Acc... What are some good credit management tips? [Article] Short answer: Pay your bills on time, be sure to keep your revolving (credit card) debt respectable, and don’t shop excessively for credit. Here's the longer answer: Step 1: Find out what th... Will declaring bankruptcy resolve my tax debt issues? [Article] No, it will not. Many taxpayers think bankruptcy is the magic answer to wiping their tax deb...