Mr Kroll said he could have the body up and running as early as July.
Speaking on US National Public Radio, Mr Kroll criticized the three main credit ratings agencies â Moody's, Fitch and Standards and Poor's â for not doing enough in terms of fact-finding.
He stated that his new firm will operate on similar terms as Kroll Inc, the security empire he sold six years ago, reports the Guardian.
"You really need to look at what the facts are, and then you rate them, which is what we've done for years but in a different context," Mr Kroll said.
Earlier this month, the Senate voted in favor of introducing a new regulator for credit ratings agencies which would assign the company's different bank product assessments on a case-by-case basis.
Democrat Al Franken said the intention of the legislation is to end the "staggering conflict of interest" faced by the agencies when they are hired by a bank to assess one of its new products.
By Asim Shah