People with poor credit—defined here as a subprime credit score or no credit score at all—have limited options for financial products, are charged the highest rates when they borrow money, and may be limited in where they live or work. This harms their abilities to weather emergencies, save money, start or grow a business, or pursue opportunities like education or homeownership to improve their lives. This fact sheet breaks down the costs and myths of having poor or no credit.