1) A good credit history is important for securing loans at reasonable interest rates, as your credit score reflects on all financial dealings and impacts your life. 2) The Fair Debt Collection Practices Act forbids harassing or misleading tactics by debt collectors and prohibits contact before 8am or after 9pm. It does not apply to some organizations with in-house collection services. 3) The Fair Credit Reporting Act provides for confidentiality and accuracy of credit reports, and allows customers to validate and dispute information on their reports.