While your general point still stands, I don't think the existence of credit rating agencies proves much. Even if they would otherwise have been liable, there

While your general point still stands, I don't think the existence of credit rating agencies proves much. Even if they would otherwise have been liable, there fundamental utility would, I'm sure, have led to specific legal exemptions. As it stands, the operation of such agencies is subject to a lot of specific regulation. http://en.wikipedia.org/wiki/Credit_bureau#United_States http://en.wikipedia.org/wiki/Credit_bureau#United_States