When I posted about teaching kids about credit, point #4 was
To answer this: Credit can get reported to Equifax and Transunion both electronically and manually. Companies that report to the bureau have a software system they use to report all their accounts with. Usually all the accounts that the company has on file will be reported on the same day. It will take a reading of all their clients accounts and send them off to one of the 2 bureaus. The other method would be manually. This would be where a company physically calls the bureau or faxes the bureau an individuals rating. This would occur if an error needed to be corrected out of normal reporting cycles. From credit card companies,bad credit car loans dealerships,collection agencies, government loans, they will all be reported to the credit bureau if the company has a reporting account with one of the bureaus. It is very important to keep an eye on your credit bureau for accuracy. Credit is the individuals responsibility and should me monitored. Credit is reported monthly to the credit bureaus. Usually its the last day of each month, but each company can choose to report on different days. Its important to know what day each company you have accounts with reports.
Just My 2 Cents