Most people have likely heard of the three major credit reporting agencies ⏤ Experian Equifax, and Transunion but there are lesser-known specialty consumer reporting agencies, like SageStream, that can have a significant impact on a consumer’s ability to obtain credit.
Many consumers have discovered their SageStream credit score is often lower than credit scores calculated at the major credit bureaus.
What is SageStream
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).
Here are some of the things that SageStream does:
- Collects information from a variety of sources, including public records, credit bureaus, commercial data, social media, and its own proprietary data.
- Creates consumer reports that lenders, insurers, and other businesses can use to make decisions about credit, employment, and insurance.
- Provides credit scores, which are a numerical assessment of a person’s creditworthiness.
- Helps businesses to manage risk and make better decisions about who to lend money to.
- Protects consumers from identity theft and fraud.
Is SageStream a Legitimate Company?
Yes, SageStream is a legitimate company that is regulated by the federal government. As with any consumer reporting agency, SageStream is subject to the Fair Credit Reporting Act.
That means consumers with SageStream files can request a free copy of their report, dispute errors and inaccurate information, in addition to requesting a SageStream freeze.
Is SageStream and LexisNexis the Same?
No. However, SageStream is part of the LexisNexis® Risk Solutions company that provides information solutions to businesses and governments to help them predict and manage risk.
The information SageStream provides to businesses gives insights into the creditworthiness of consumers, which can be used to enhance traditional credit decisioning.
What is a SageStream Credit Score?
SageStream produces a credit score from 1-999 that is based on their own data as well as a proprietary credit scoring algorithm. As with traditional credit scores, the higher the score, the less risk of the consumer defaulting. But SageStream credit scores are not widely used like FICO credit scores.
How to get your SageStream Credit Report
You can request a copy of your SageStream credit report from the company directly one of three ways:
- Online via the Online Request Form
- By Mail – You can order your Consumer Disclosure Report via U.S. Mail using the Printable Request Form
- By Phone – Consumers may request a Consumer Disclosure Report via phone at 1-866-897-8126
Types of Companies that use SageStream credit scores
SageStream says its scores are used by various types of companies including:
- Auto Lenders
- Credit card issuers
- Retailers.
- Wireless telephone service providers
- Utility Companies
Who pulls SageStream?
SageStream does not disclose the names of its clients, but some of the lenders that are known to use SageStream include:
- Bank of America
- Capital One
- Discover
- HSBC
- Wells Fargo
- US Bank
- Citibank
- Chase
- American Express
- Synchrony Financial
- PayPal
These lenders may use SageStream’s data to supplement the information in your credit report from the major credit bureaus. This can help them to make more informed decisions about your creditworthiness.
5 Reasons to Consider a SageStream Freeze
Putting a freeze on any credit report means access to your credit file is restricted. You can freeze and unfreeze your credit file for free. But it’s important to note that lenders or credit card companies can request that you remove a freeze when applying for credit. If they can’t see your report, they may not extend the credit.
Here is why you should consider a SageStream credit freeze:
1. Low SageStream credit score. 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.
2. No live contact. SageStream has made it next to impossible to get a live representative on the phone. The number provided to consumers offers several recorded messages with an option to speak to a live person. The problem is that it’s an endless loop that redirects you back to the list of pre-recorded options.
3. Dispute by mail-only. Like with the three major credit bureaus, consumers can dispute errors and SageStream must correct or delete any inaccurate, incomplete, or unverifiable information within 30 days of receiving notice of your dispute. Disputing via mail can take over 30 days to resolve. The major credit bureaus offer the option of disputing online, which can hasten the dispute process.
4. Cannot immediately correct simple errors. SageStream does not offer an option to initiate disputes online. This can be an issue if you need an error corrected immediately. For instance, there may be items that are too old to be reported. The major credit bureaus typically remove obsolete items immediately when you speak with a representative or when that type of dispute is submitted online. This won’t happen with SageStream’s mail-only dispute policy.
5. Vague reasons for denial. Consumers with good credit scores from the three major credit bureaus often get denied for vague reasons when creditors use SageStream.
Here are a few vague denial reasons, according to the Better Business Bureau, that consumers have reported receiving from SageStream:
- Applicant listed as deceased (But they are alive)
- Limited history for consumer at this phone number
- Distance between prior residences
- Phone is associated with the suspected fraud
- Credit score low due to when Social Security number was issued relative to peers
How to freeze your SageStream credit report
A SageStream security freeze will prevent unauthorized release of your SageStream Consumer Report or credit score.
You can request a security freeze of your SageStream credit report from the company directly one of three ways:
- Online via the Request a Security Freeze for Yourself Form
- By Mail – LexisNexis Risk Solutions Consumer Center, Attn: Security Freeze, P.O. Box 105108, Atlanta, GA 30348-5108
- By Phone – Consumers may request a security freeze via phone at 1-800-456-1244.
How to dispute information in a SageStream Credit Report
You can file a dispute with SageStream by using one of the following options:
- By Mail using the SageStream Notice of Dispute Form and mailing it to: SageStream, LLC, Attn: LexisNexis Risk Solutions Consumer Center, P.O. Box 105108, Atlanta, Georgia 30348-5108
- Fax your dispute at (858) 451-2847
- Call in your dispute toll-free at (888) 395-0277
The SageStream dispute process is the same as if you are disputing information with one of the major credit bureaus. The FCRA (Fair Credit Reporting Act) is a federal law that regulates how consumer credit information is collected, reported, and used.
Here is the dispute process:
- Upon receiving your dispute, the SageStream has a legal obligation to investigate the item(s) in question.
- SageStream will contact the data furnisher (e.g., a creditor or lender) that provided the disputed information and ask them to verify the accuracy of the information.
- The data furnisher has a duty to investigate your dispute and respond to the credit bureau with their findings.
- If they find that the information is inaccurate, they must notify all three major credit bureaus to correct the information.
- The data furnisher has a duty to investigate your dispute and respond to the credit bureau with their findings.
- If they find that the information is inaccurate, they must notify SageStream to correct the information.
- SageStream will provide you with the results of their investigation, usually within 30 to 45 days.
- If the investigation results in a change to your credit report, you’ll receive an updated copy of your credit report.
- If you’re dissatisfied with the results of the initial investigation, you have the right to request a reinvestigation, request the method of investigation or provide additional evidence to support your dispute.
The Consumer Financial Protection Bureau can also assist in resolving the matter but you must first go through the dispute process with SageStream.
