Today many Americans have had trouble keeping abreast of their credit. You only have to miss one or two payments and this will affect your credit scoring and you are regarded as a bad credit risk. Once you get a bad credit rating it can take quite a while for you to get it back again -- this is not something you can hide as each time you apply for credit.
If you want to buy a new car for example, the lender will take the information you give them and submit your name to the credit reference agencies who will give back a report on what sort of borrower you are. You can get a copy of your report from the credit bureaus and although you can't change it you are allowed to make a note of extenuating circumstances, illness for example, regarding missed payments.
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