No, the entire point of Experian et al is to reduce the number of loans that can't be collected on for any reason, including but not limited to fraud. Assume a

No, the entire point of Experian et al is to reduce the number of loans that can't be collected on for any reason, including but not limited to fraud. Assume a credit rating agency can lower a lender's default rate from X% to X'% but introduces an additional Y% of fraudulent loans. If X - X' > Y, that's a good deal for lenders no matter what the absolute size of Y is.