Yet BofA didnt rejoice in Josephs 820 FICO score. Rather, its letter mentioned something called a Credit Optics rating, which in Josephs case was 374 out of 999 (no description provided). BofA said that if he had a problem with that, he might take it up with SageStream, a San Diego credit reporting agency.I called SageStream and asked how they created my rating, Joseph said. They couldnt inform me. I asked what would be a good Credit Optics score. They couldnt tell me that either.I had much better luck. I handled to reach Patrick Reemts, SageStreams executive vice president of credit risk solutions.He described that the business is focused to a large degree on supplying loan providers with info about millennials, people aged 18 to 34 who might have little credit rating. A current research study by Bankrate discovered that two-thirds of millennials don’t have credit cards.Lenders really want to provide services to this generation, Reemts said. We help by looking at nontraditional info, such as peoples relationship with wireless suppliers or Web service suppliers, how well they pay their expenses. The conventional FICO rating has to do with financial obligation. We concentrate on other uses of individuals money.See the most-read stories in Company this hour raquo; The Credit Optics score istabulated by a company called ID Analytics, which, it turns out, is the parent company of SageStream

, operates out of the exact same San Diego office and shares a primary executive, Scott Carter.Reemts confessed that consumers might easily be confused by their Credit Optics rating. For one thing, a varietya variety of 1 to 999 covers a great deal of ground. For another, the rating comes in different permutations, some of which favor high numbers and a few of which favor low numbers.Reemts stated he was unable to comment on Josephs rating, however observed that, usually speaking, 374 is quite good.Linda Sherry, director of national priorities for the advocacy group Customer Action, said consumers have every factorneed to be cautious of popular credit ratingscredit rating that attempt to parse information in various ways.Someone with an 820 FICO rating is an exceptional consumer, she stated. Its extremely challenging to say why any bank would turn him away.Betty Riess, a BofA spokesperson, stated just that the bank utilizes supplemental ratings such as Credit Optics to take into account alternative details in making a credit decision versus simply decreasing or authorizing based on a less predictive FICO score.What makes SageStream especially intriguing isn’t really simply that its a credit-reporting firm owned by a company that compiles exclusive credit ratingscredit history. Its likewise that SageStreams moms and dad, ID Analytics, is itself owned by LifeLock, a prominent purveyor of identity-theft-protection services.To make certain, the huge 3 credit firms Experian, Equifax and TransUnion provide their own fraud-protection services.

However for them, assisting customers deal with ID theft is a sideline, albeit a financially rewarding one.LifeLock is simply the opposite. Fraud defense is its support. Credit reporting is the side gig.I asked Reemts about the possibility of LifeLock using SageStream as a lead generator. That is, pitching consumers on fraud-protection services after a case of identity theft is reported.Carter, the CEO of SageStream and ID Analytics, was promoted today to likewise act as executive vice president of enterprise for LifeLock. Youd believe hed be on the lookout for revenue-generating schemes that cover his 3 companies.