So I’ve heard but for the thing that really matters, renting and certainly buying a home, you are more or less fucked (at least for the 7 years they put you in financial jail).
That's certainly not true. I relocated to the U.S. in 2015 with zero credit history, and was able to get a jumbo mortgage in 2016 because I worked with a lender that was willing to look beyond a credit file with zero seasoned tradelines.