I think this answers all your questions? It has no real effect (many people don’t have one). But, I’m not sure what your question really is.
The American propaganda definition (which may vary) is incorrect because the system doesn’t really exist.
Furthermore, it clearly is a system that is important to the CCP and has an effect.
From the Baidu page:
建立社会信用体系是保持国民经济持续、稳定增长的需要
Establishing a social credit system is necessary to maintain sustained and stable growth of the national economy
Certainly Mainland China does need a credit system, and undoubtedly the Social Credit System will and has helped in that regard, but it does have legitimate flaws with regards to privacy.
Its goals extend beyond ensuring creditworthiness to
社会信用体系具有揭示功能，能够扬善惩恶，提高经济效率；
The social credit system has a revealing function, can promote good and punish evil, and improve economic efficiency;
And its integration with the National Healthcare Security Administration, and other government and private entities extend its reach far beyond what the Western credit systems do.