Just because you cleared up your credit history recently does not mean those actions show up on your credit report immediately, which could end up costing you a loan or making it much more expensive if you apply for a loan. The credit reporting bureaus often have significant lag time between when they receive new information about your credit history and when they update their reports. You may have to fight with the bureaus to correct your report.
Identification
Your credit score does not necessarily update once a month, because the credit reporting bureaus can update reports whenever they please. In some cases, it might take 90 days before new data hits your report. Still, bureaus can update your report once a month or multiple times a month.
Considerations
The credit bureaus need something new to report to update your report or your score probably won't change. The only way your score could change without lenders reporting new information is when a negative item falls off of your file because the reporting time limit passes or you successfully dispute a negative item.
Your Lender
Lenders also bottleneck information in the credit reporting world. Some creditors take extra time to update data. If the lender allows a 15-day grace period to pay the bill at the end of the month, for example, he might not report January information until the end of February. Then you would probably have to wait until some time in March to see it on your report.
Tip
If you see a falsely reported negative item on your report for more than three months, initiate a dispute with the credit bureaus. The may have failed to receive an update from a lender or some other error. On missing creditable accounts, ask your lender to update your account. Some lenders do not report accounts to the credit bureaus, so there is nothing you can do if the creditor does not report to one of the three national credit bureaus.
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