This is something that all parents should discuss with their children so that they don’t make mistakes with their money. It can be hard to keep the credit rating good when a person is on their own for the first time and has no idea how to handle money, but it has to be done. A child who is warned and tutored about the importance of the credit rating will fare better when faced with financial decisions that might hurt them. Fixing a bad credit rating later in life is not always as easy as it might seem. It does depend on the amount and the type of problem that is listed as bad debt. Good debt that helps the report look attractive might be a mortgage that is up to date or a loan for a car.