Modern credit reporting almost always runs through computers, but updating data is not instant. It can take weeks or even months before an item -- negative or positive -- shows up on a credit report. If you are willing to pay extra, you can update some information on your credit report within hours.
Considerations
The credit reporting companies have no regular schedule when they have to update data but instead try to list new information as soon as they receive it from lenders. Most creditors report new data on their accounts every month, but the reporting agencies usually wait 90 days before incorporating this data into their reports, according to Bills.com.
Lenders' Role
Lenders are not legally required to send any information to the credit bureaus, even if many do so out of courtesy. Some creditors, such as utility companies and apartment complexes, cannot divulge customer information or, more likely, do not have the proper equipment to report to the bureaus. Thus, you should always ask lenders beforehand if they report to the bureaus. If several months on an account with previous history, contact the lender and inquire if there are any problems. (ref 3)
Rapid Rescoring
You can update erroneous false information in as little as three days by using a rapid rescoring service. This does not work for legitimate items or items left off the report, such as an unreported account. Rapid rescoring companies deal only with lenders, so you must go through a certified creditor to purchase this service. This is often useful only o borrowers who want to get a loan or mortgage in the near future and have a score of less than 700.
Tip
The only way to know for sure if an item is on your report is to pull your credit report from all three major credit rating companies. You can monitor your credit through the year for free by pulling one report every four months. If you want to monitor your credit report several times a week, credit monitoring services let you check your report as much as you want.
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