The error rate is far higher than 1 in 10000. More like 1 in 4, and 1 in 20 with serious errors. The credit rating idea was born out of the Southern morality c

The error rate is far higher than 1 in 10000. More like 1 in 4, and 1 in 20 with serious errors. The credit rating idea was born out of the Southern morality culture. "Are they good people? Let's put a number on it and sell it!" The flip side of that is that they can't possibly be wrong unless you prove it, and even then, they're so butt hurt that you called them out on it that they'll take their time fixing it, if ever. The idea is that they're right, you're wrong, and they have powerful friends who protect them from being sued for slander.