Are we foolish to trust the credit reporting agencies?

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Since they do not use debt/equity ratios or income amounts to calculate credit risk.
The credit rating agencies gave a high rating to institutions with bad loans given to unworthy borrowers in the sub-prime mortgage mess. Are the consumer credit rating agencies creating a bigger disaster with their voodoo credit rating system?

Credit rating agencies are now under scrutiny for giving investment-grade ratings to securitization transactions (CDOs and MBSs) based on subprime mortgage loans.

Is concumer credit the next crisis?

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