Not that I have any love for Equifax, but to play devil's advocate - Trust forms the basis of all financial transactions. Credit ratings companies increase tru

Not that I have any love for Equifax, but to play devil's advocate - Trust forms the basis of all financial transactions. Credit ratings companies increase trust, reducing the price of these transactions. Removing these companies would increase the price of loans/credit cards/etc. (This ignores the fact that, for example, lenders in Australia mostly ignore credit ratings and instead focus on your earnings)