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Credit card refunds: Credit rating agencies 'offer educated guesses'

Consumers currently seeking out credit card refunds may be interested to hear that one expert believes credit rating agencies offer "educated guesses"

Speaking on a BBC Radio 5 Wake Up To Money podcast, Lord Harrison, chair of the EU economic and financial affairs committee, spoke about what affect credit ratings agencies have on economic policy.

He said: "They offer, what I think are, educated guesses, and others like market investors use that.

"What we are less sure about is that they precipitated the crisis or indeed that they exacerbated the crisis."

His comments follow a new report by the Lords EU Economic and Financial Affairs and International Trade Sub-Committee.

This report, entitled Sovereign Credit Ratings: Shooting the Messenger? claims that credit rating agencies are not to blame for the eurozone's debt crisis.

The only valid charge against these agencies, the report found, is that they failed to identify risks in some Member States.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.

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