Thanks to the ubiquitous use of credit scores, today's young adults might have a harder time getting started in the real world without a good credit score. And as a concerned parent, you probably wonder what you can do to give them a headstart.

Start teaching your child the basics of credit early, little by little, as soon as they're old enough to understand. Even basics like "Always return what you borrow" and "Never spend all your money" help instill good credit habits in young ones.

You can help your child build a good credit score, but be careful that you don't do it too soon and that you don't put too much of your own credit on the line.

Help your child open and use a bank account to establish a bank history. A positive bank history won't establish a credit score, but an relationship with a financial institution may come in handy when it's time for the first credit card.

After that, follow these tips on how to help your child build a good credit score.

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Many people still have huge misconceptions about what influences their credit score, according the results of the second annual consumer knowledge study about credit scores by the Consumer Federation of America (CFA) and VantageScore Solutions.

The bad news first:

• 56% of respondents said that age is a factor used to calculate credit scores
• 54% said marital status is a factor
• 21% believe ethnic origin in a factor

None of those factors is used to calculate credit score. In fact, it's against the law for lenders to discriminate against applicants for any of those things.

The survey also revealed that consumers don't realize the financial impact of having a low credit score or the impact loan shopping has on their credit score.

But, in a few other areas, consumers are more knowledgeable than they were last year. More people realize that businesses besides lenders use credit scores, that serious delinquencies and bankruptcy affect credit scores, and that there's more than one generic credit score.

Test your own credit score knowledge with a 21-question quiz at CreditScoreQuiz.com.

Brush up on your credit score knowledge:

• What Your Credit Score is Made Of
• What's Not in Your Credit Score
• 10 Things That Don't Affect Your Credit Score
• How Credit Mistakes Affect Your FICO Score

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Tracking your expenses is an important step in creating a debt plan. It's a prerequisite to creating a budget and figuring out how much you can afford to put toward debt repayment.

The Expense Tracking Worksheet (color or black and white) has a place to record all the details about your daily spending. At the end of one month, add up your spending and decide whether it's where you'd like to be. For helpful tips on tracking your spending, read How to Use Expense Tracking to Pay Off Debt.

More Debt Management Worksheets

• Monthly Bill Checklist
• Debt Tracking Worksheet
• Debt Milestones Worksheet

You have a stack of bills in front of you and you may not be able to pay them all. Which debts are the most important?

Many people make the mistake of paying their credit cards before their other debts. I argue that credit cards fall very low on the list of debt priorities, especially if you have a mortgage and auto loan. Learn why your mortgage should top your list of debt obligations: How to Prioritize Your Debt Payments

Related Debt Management Reading:

• 5 Ways to Consolidate Debt
• Be Real About Your Debt Goals
• Is Clutter Keeping You in Debt?