However, we have started to see an increase in use, specifically with Synchrony as well as an increase of other models like Sagestream’s Credit Optics. I wouldn’t be surprised if Comenity also used them as the recent knee-jerk reaction closures could be related to plunging VantageScores. We won’t know though unless people decide to see if there’s a correlation. If you read the article I posted, it says that they use «nontraditional» means.
How to dispute information in a SageStream Credit Report
Some organizations, such as banks and insurance companies, may use SageStream to determine a potential customer’s creditworthiness. This combination allows TransUnion customers to augment their segmentation strategies and credit decisioning to better predict risk and reduce exposure. He explained that the company is focused to a large extent on providing lenders with information about millennials, people aged 18 to 34 who may have scant credit histories. A recent study by Bankrate found that two-thirds of millennials don’t have credit cards. When you think about your credit score, it’s usually the FICO credit score, one of our nation’s most widely used credit scores.
The use of AI offers lenders the ability to get a precise look into someone’s creditworthiness and score those previously deemed unscorable. LexisNexis Risk Solutions offers security freezes–and lifts security freezes–free of charge. Last reason was «too many subprime inquiries» which I really do not understand. I’m assuming they are talking about that single inquiry for prepaid phone. Sorry — just had to get that off my chest — there are sooooo many of these niche «Credit reporting agencies» now that it is impossible to keep up with all of them and know who is using what.
New reporting agency?
Consumers that typically have good credit scores may find their SageStream credit score lower. Some lenders may use SageStream’s credit reports to make decisions about your creditworthiness, but it’s not as common as the three major credit bureaus. SageStream’s database for scoring is not as complete because very few lenders report their customers’ credit history to SageStream, making it difficult to calculate a score. StellarFi is a credit building tool that works by reporting your regular monthly bills to two major credit bureaus. This saves you from having to borrow money or pay a security deposit to build credit. While those sagestream credit optics score two may be the most notable, they’re not the only credit scores.
The more complex reasoning of artificial intelligence can find things in sagestream credit optics score the data that wouldn’t be apparent otherwise. At this point it seems like my only solution is to lock the file (they require photocopies of your DL and SS card btw) and then refuse to do business with anyone who uses SageStream. But this whole thing feels like a trap for consumers, or some sort of loophole cop-out for lenders. VantageScore is extremely complex because of the amount of trended data they use. FICO 10 will begin to rely on trended data more, and word is, people aren’t going to like the lower scores they’re expected to have because of it. Inquiries were listed, I had three, US Bank (15 months ago) , Disco ( 3 years ago), and something for prepaid phone service from more than three years ago.
SageStream, LLC is now part of LexisNexis® Risk Solutions.
- Having 2+ years of data crunched for them of established patterns is a benefit and these volatile reactions can be considered more accurate as FICO can be gamed with things like AZEO because it’s only a snapshot versus multiple years of pattern data.
- As with traditional credit scores, the higher the score, the less risk of the consumer defaulting.
- At the same time if I was declined for a credit product from a bank, it isn’t something I am going to sweat too much, if they don’t want me because of some arbituary scroing, I don’t need their products.
- This saves you from having to borrow money or pay a security deposit to build credit.
- Ratesfeed connects the key players in the world of finances.
- I called and asked if Innovis had been acquired by SageStream or vice versa and the explanation I got was «we use their data, otherwise we are unaffiliated with them.»
You need a decent mix of accounts–revolving, installment, etc. Other factors are age of your credit, debt to income ratio, and so on. SageStream is a consumer reporting agency that is part of LexisNexis® Risk Solutions and provides consumer reports and scores regulated by the Fair Credit Reporting Act (FCRA). Technologies like Hadoop, which allow massive amounts of data to be stored and analyzed quickly, are making AI-based credit scores possible, said Peter Maynard, senior vice president of global analytics at Equifax. A consumer has the right, pursuant to state law, to request a security freeze be placed on certain LexisNexis Risk Solutions reports, and for LexisNexis Risk Solutions to not release those reports without the consumer lifting the security freeze. When this occurs, a customer that inquires on the consumer receives only a notification that the consumer has placed a security freeze on their file.
How to get your SageStream Credit Report
Each credit reporting agency uses a different formula to determine your score. Your Experian score might not be the same as your TransUnion score, even if they’re all working with the same information. If you’re applying for a loan, you can expect the lender to check your credit with the three major credit reporting bureaus. Depending on what kind of loan you’re getting, the lender might also run a credit check with a company called SageStream. Consumers with good credit scores from the three major credit bureaus often get denied for vague reasons when creditors use SageStream.
This was based on an analysis of new bankcard application inquiries for individuals with thin consumer files (i.e. less than three accounts). This powerful combination provides a 360-degree view of consumer behavior and enhances the predictiveness of credit decisions, often resulting in a performance lift for lenders. The FICO NextGen Risk Score is a scoring model designed by the FICO company for assessing consumer credit risk. By combining the power of traditional and alternative data, Credit Optics helps organizations make optimal credit decisions and avoid risk. As an FCRA-compliant credit score, it provides a highly accurate and complete assessment of an individual’s creditworthiness and is shown to increase new bookings by up to 25%, while keeping bad accounts in check. Credit Optics is designed to function as both a stand-alone credit score or as a «plus one» score to enhance the power of existing credit scores.
- My motto is probably not liked by many here but idk; if the issuer cannot approve me via EX, EQ, and TU reports, I need to evaluate how badly I want that card seriously.
- Credit Optics is designed to function as both a stand-alone credit score or as a «plus one» score to enhance the power of existing credit scores.
- «Distance between address and area code of phone.» I live in the geographic area assigned to my area code.
- I have no idea where they would rank me, it seems like a bunch of arbituary things.
I will likely cancel the card (or be canceled for non-use) once I get something better to replace it. To let clients experiment with machine learning, Experian offers an analytical sandbox with its credit data loaded into it. “A neural network more closely mimics the way humans think and reason, whereas linear models are more dogmatic — you’re imposing structure on data as opposed to letting the data talk to you,” said Eric VonDohlen, chief analytics officer at the online lender Elevate.
Denied for a card wtf? 820+ credit score
Equifax says it ran all of its AI-based scoring technology past the OCC, Fed and CFPB and got a positive response. ID Analytics said it worked closely with lawyers, compliance officers and regulators to assure the technology complied with various lending rules. Elevate is deploying its new, AI-based models gradually, starting with 1% of potential borrowers, testing the results, and gradually applying them to more people.
Reviewing the account includes activities related to account maintenance, monitoring, credit line increases, and account upgrades and enhancements. LexisNexis Risk Solutions does not charge a fee to apply, lift or remove a security freeze from your file. Request to Opt-Out If you do not want to receive prescreened offers of credit and insurance. In addition to the usual budgeting features, it allows you to link accounts from major banks in 49 countries around the world and has multi-currency capability. If you are even denied credit or service due to your SageStream score, contact SageStream right away to get more information and a copy of your SageStream report. We know from our research that banks such as Ally and Bank of America are using SageStream to determine a potential customer’s creditworthiness.
Companies with an interest in enhancing their credit decisions should contact email protected. Once we have verified and processed your request, you will receive a letter in the U.S. Im looking to to remove a few extra no approved application inquiry from my Transunion and equifax report. I’m not familiar with the company, just a place the dealership ran me through.
