[3] Typical issuers of rated securities include banks, asset managers, insurance companies, and other financial institutions.

Based in Haverford, Pennsylvania,[4] Egan-Jones positions itself as unique among NRSROs for being primarily investor-supported, a structure designed to minimize the potential for conflicts of interest in assessing credit quality.

[16] On September 14, 2012, Egan-Jones downgraded the credit rating of the United States for the third time from AA to AA−, the lowest of what is considered "high grade", as a reaction to QE3.

[18][19] Companies such as Lehman Brothers, MBIA, IndyMac, and New Century, all encountered major financial troubles after getting downgraded by Egan-Jones.

[20][21] Egan-Jones’ CEO, Sean Egan, was named by Fortune Magazine as the number one person for warning about the financial crisis of 2007–2008.

[3] Egan-Jones offers unsolicited ratings on a subscription basis to provide investors periodic updates on public companies’ credit quality.

[28] On April 24, 2012, the SEC charged Sean Egan with numerous offenses including: making false and misleading statements in the firm's application to become a Nationally Recognized Rating Agency, violations of conflicts-of-interest and record keeping, and falsely stating that he was unaware if his paid clients were long or short specific securities that Egan-Jones rated.

"[34] Futerfas noted that "not one word in the [SEC's order] questions the quality, integrity and timeliness of the Egan-Jones ratings" and criticized the SEC for failing to take action against major NSROs which had "inflated their structured debt, rated junk AAA, and brought down the American economy, according to Congressional reports.

On Jan. 22, 2013 the SEC announced that Egan-Jones has agreed to settle charges that they made willful and material misstatements and omissions when registering to become a NRSRO for asset-backed and government securities.