In this economy, consumers can never start too young planning their financial future. A credit report is the most important document in establishing good credit.

A credit report can be obtained for free once a year from each of the three major credit bureaus--Experian, Equifax and TransUnion.

Upon request from a credit lender or bureau, credit reports are fed through a mathematical formula created by Fair Isaac Company to create your FICO credit score. The score is used by financial institutions across the world to make consumer credit decisions.

To start building the score, it is recommended that consumers get a credit card. Some card recommendations from experts include the Discover Student card, Capital One Journey Student Rewards Card, and the Chase Freedom card.