B) It can impact your ability to be approved for bank loans.
A credit score allows a lender, like a bank, to make assumptions about your ability to repay a loan. This credit score is based on your prior lending history and it is used by the bank to manage its risk. This score can prohibit you from obtaining a bank loan or prompt a bank to deny your loan application because they believe that you are too high of a risk because prior credit problems with a low credit score.
