[KeepingItReal]

Originally Posted by dotti105

I am late in seeing this.

Another point, if a lien is placed on your property, and it is duly recorded, it appears on your credit report. If you try to purchase a car, open a new line of credit or increase a credit limit while that lien is in place, you can be denied because the lien is viewed as a negative mark on your credit. It can reduce your credit score as well.

Even once the lien is released, if it was properly filed, it can take years to be removed from your credit report. It will show as "Lien Status: Satisfied" which can mean many things and is usually considered to be a very negative item. Much like a "Collection Status: Satisfied".

I am surprised that a reputable contractor here would do that with a substantial down payment.

My hubby was a mortgage broker for 20 yrs, and often he found items like this that were years old, still showing as an "unsatisfied lien", many years after the item was filed and satisfied. It would take lengthy correspondence with the credit bureaus to get these items removed.

Good idea to review your credit report several times a year. Especially if you know a lien has been placed for any reason.

Originally Posted by Bonanza

You should not be upset by this. It is done so that the sub is paid for his work from the contractor you have employed.

Thanks for the information but who is correct here?