The 19th CPC National Congress report proposes strengthening financial supervision and risk prevention. For China’s bond market in the period of rapid development, it is necessary to consider and analyze the accumulation of credit risk caused by existing problems of credit rating. Based on a theoretic model, the investor-payment model impact on the quality of the rating is drawn. Using four types of credit bonds, such as short-term financing bonds, medium-term notes, corporate bonds, enterprise bonds in China credit bond market from 2010 to 2017 as the research samples, this paper makes an empirical analysis on investor-payment rating agencies inhibiting rating inflation in the market. The results show that the investor-payment CRA rate is lower than that of other issuer-payment CRAs’ rating agencies, this phenomenon exists in four main kinds of credit bonds, and performs intensively in the short-term financing bonds, confirming that the investor-payment model can effectively alleviate the unrealistically high rating levels, so as to enhance the quality of credit rating.