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ABSOLUTELY!
Want to buy a car? A couch? An Egg McMuffin?
Credit scores are used for everything from deciding whether or not you will be able to get a home mortgage or an automobile loan, to potential employers or landlords who can review your credit scores as a judge of your character.
Late payments on existing credit accounts can severely hurt your current credit score, but all is not lost ... you can relieve yourself from the burdon of debt and work with the credit bureaus to reestablish your credit scores. It doesn't happen overnight, but credit scores can rebound significantly when derogatory statements are no longer showing up on your reports. In fact, some of the statements can even be taken off altogether when you have your debts cleared.
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