While people sometimes believe credit reporting agencies wield the power in the credit scoring industry, the agencies are dependent on creditors to provide information about their accounts. Lenders can send new data to the bureaus at their leisure, although most of them send in batches of information at regular intervals.
Identification
Theoretically, a lender can report to the credit bureaus as many times as he wants during the month. In reality, this is not practical or useful, because the lender is unlikely to have new information to report. Most creditors give a borrower 30 days to pay his monthly installment or bill, so they tend to report to the creditor bureaus every month or so.
Considerations
Even if your lender does update accounts multiple times a month, this does not mean your credit report will reflect that new data as the month goes on. The credit bureaus try to keep their files as current as possible, but technical limitations usually result in accounts being updated every 90 days -- 30 days at the soonest -- according to the Bills website.
Forcing an Update
The only way to get an account updated and listed on your report in the same month is to use a rapid re-scoring service. This service, however, only works when you have a false negative item you need corrected. Also, only lenders, such as mortgage providers and banks, can access a re-scoring service. This costs between $25 and $50 per item, but can save you hundreds if you need to apply for a loan soon.
Tip
If you have new information to report, you can ask your lender to update your account with the credit bureaus, suggests the Bankrate website. Some lenders may simply forget to contact the credit bureaus. Alternatively, you can present receipts of payment to new lenders if the data does not show up on your report. The lender must consider receipts and canceled checks under Section 202.6 (b)(6) of the Equal Credit Opportunity Act.
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