Good reputation: Conservative and Socialist have it (6)
I believe the answer is:
credit
'good reputation' is the definition.
(I've seen this before)
'conservative and socialist have it' is the wordplay.
'conservative' becomes 'C' (UK political abbreviation).
'and' is a charade indicator (letters next to each other).
'socialist' becomes 'red' (socialism is often associated with the colour red).
'have' means one lot of letters go next to another.
'c'+'red'+'it'='CREDIT'
(Other definitions for credit that I've seen before include "result of points on course" , "Believe the advance of money" , "Approval" , "Positive bank balance" , "Believe - recognition" .)