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In the wake of the financial crisis, the Financial Crisis Inquiry Report [6] called out the "failures" of the Big Three rating agencies as "essential cogs in the wheel of financial destruction". According to the Financial Crisis Inquiry Commission, [7] The three credit rating agencies were key enablers of the financial meltdown.
Credit rating is a highly concentrated industry, with the "Big Three" credit rating agencies controlling approximately 95% of the ratings business. [3] Moody's Investors Service and Standard & Poor's (S&P) together control 80% of the global market, and Fitch Ratings controls a further 15%.
The credit rating represents an evaluation from a credit rating agency of the qualitative and quantitative information for the prospective debtor, including information provided by the prospective debtor and other non-public information obtained by the credit rating agency's analysts. Credit reporting (or credit score) is a subset of credit ...
Together, Moody's, S&P and Fitch are sometimes referred to as the Big Three credit rating agencies. While credit rating agencies are sometimes viewed as interchangeable, Moody's, S&P and Fitch have different methodologies. [7] All three operate worldwide, maintaining offices on six continents, and rating tens of trillions of dollars in securities.
Credit rating agencies is included in the JEL classification codes as JEL: G24. Subcategories. This category has the following 4 subcategories, out of 4 total. C.
In 2006, to try to win business away from FICO, the three major credit-reporting agencies introduced VantageScore credit score, which differs from FICO in several ways. [39] [40] According to court documents filed in the FICO v. VantageScore federal lawsuit, [41] the VantageScore market share was less than 6% in 2006.
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