Not just a mortgage or car loan. Credit checks[1] are being used by landlords to decide whether or not to allow you to rent. They are being used by employers to decide whether or not to hire you. They are being used by utility companies and insurance companies to decide whether or not to do business with you.

It's slowly getting to the point where a low credit score will bar you from participating in major areas of the economy.

1: https://www.experian.com/blogs/ask-experian/what-is-credit-c...