> Letting someone else do it undermines the whole purposes of the independent financial system. Even small regional banks have their own internal credit rating

> Letting someone else do it undermines the whole purposes of the independent financial system. Even small regional banks have their own internal credit rating algorithms. Credit ratings from CRAs are generally consumed either in aggregates (a buyer on the secondary markets wants a traunch with an average credit rating of X) or by less sophisticated parties such as landlords.