Think wealthy people don’t have credit problems? Think again.

Research from Elevate shows that 15% of people with nonprime credit scores earn an individual income of more than $100,000 a year. Additionally, new data from CreditCards.com show that while credit card debt is most prevalent among the lowest earners, 37% of those who carry a balance from month to month make at least $100,000 annually.

“Even wealthy people can have less-than-ideal credit for all sorts of reasons,” says John Campbell, east region head of wealth planning at U.S. Bank Private Wealth Management. Yet having a better credit score can make a meaningful difference in their buying power. “It could have an impact — even for those who might not be struggling with an especially low credit score,” Campbell says.

Sometimes advisors avoid the topic because they mistakenly think clients, especially wealthier ones, aren’t plagued by credit-worthiness issues. But financial advisors who help clients with credit issues provide an important value-add that can have long-lasting benefits.

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This article was originally published on Barrons.com on September 22, 2022.