No it isn't. While it can inconvenience you for a few years you can get it back up by simply paying your bills on time and paying down debts.

Now that being the case I still don't like credit scores. You can work years, have lots of savings, pay all your bills on time, pay off cars and mortgages and have a rocking credit score. The if one medical vendor sends your $90 bill to the wrong address, you never see it, then they send you to collections you will watch your score crater. This is sadly what happened to me, it is rage inducing!