This kind of thinking is what allows these companies to get away with this kind of incompetence. Loans were given before credit rating agencies existed. This incident shows how flawed our current system is.

> Yet, without credit rating agencies, you'd get no loans.

Loans existed for millenia before credit rating agencies, so that seems unlikely. It's more likely that the people getting the best loans terms today would pay a higher cost for borrowing without credit rating agencies, and that credit references would be more important, though.

There is no such agencies in lots of countries (e.g. France) and still people get loans. When I came to US, I had to purposely take extra credits/loans to boost my inexistent credit history. Now I am credit worthy thanks to my artificial debt.

Not true. But, even if it were, there's no requirement that they operate as they do.