Rating agencies and consumers would keep CRA's in check. If a regulatory agencies cuts corners on standards, the ratings would reflect that quickly and consumers would respond with less business to those businesses. Those business seeing a loss of business would put pressure to increase the standards back up to regain the business.
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Every business would have the right to change CRA’s to match their desire and business needs. No business or CRA would have the ability to go to the rating agency to lobby or bribe for better ratings because there would be too many rating agencies to deal with. Rating agencies would be working for those people that give them their ‘trust’ and the more people giving trust brings in more money for the rating agency.