![]() ![]() While we generally know how the FICO scores for the three major credit bureaus are calculated, SageStream is less than forthcoming about how it arrives at your score. How SageStream calculates the scores that it provides to lenders is a bit of a mystery. How Does SageStream Calculate Your Score? The simple answer: “Yes, it is a legit company,” and we know that at least one big bank (Ally) is using SageStream scores. What should I do? Are they a legit company?” “Today, I open up my mail and I was…surprised to see that I was denied a loan from Ally bank because my SageStream score was in the 600s. We were contacted by a person from North Carolina who’d recently tried to get a car loan: It’s that last item, auto lenders, that seems to be the pain point for people who’ve reached us through our “ Ask Clark” service. SageStream says its scores are used by various types of companies including: In a 2016 interview with the Los Angeles Times, SageStream executive Patrick Reemts explained that the company looks at “nontraditional information, such as people’s relationship with wireless providers or Internet service providers, how well they pay their bills.” That means that lenders could be looking at your SageStream score in addition to your FICO score as provided by one of the major reporting agencies. SageStream says it “generates insights into creditworthiness of consumers and enhances traditional credit decisioning.” Though its origins are unclear, SageStream - like primary reporting agencies Equifax, Experian and TransUnion - is regulated by the Fair Credit Reporting Act (FCRA). What Is SageStream?Īccording to its website, SageStream is a secondary credit reporting agency that provides consumer credit reports and scores to lenders. In this article, I’ll explain what SageStream is, how your SageStream score might be used, and what you can do to protect yourself from being denied credit because of it. Team Clark has received multiple questions and complaints from people who had otherwise great credit scores but were denied a loan because of a lower SageStream score. Depending on what kind of loan you’re getting, the lender might also run a credit check with a company called SageStream. If you’re applying for a loan, you can expect the lender to check your credit with the three major credit reporting bureaus. ![]()
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