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As part of the upcoming v1.7 patch, Star Wars: The Old Republic players will be able to keep track of their 'galactic reputations'. Players will start off as unknown entities and, over time, will earn reputation points that will unlock rewards at special Reputation Vendors throughout the galaxy.
A key feature of Galactic Reputation is the fact that it is bound to your Legacy instead of your character. In Star Wars: The Old Republic, the consequences of your character's actions can span generations, and heroism is hereditary. This means that all Reputation Points and ranks that you earn are shared across your entire Legacy, and all characters in your Legacy contribute Reputation Points to the same shared pool. Once you've unlocked rewards or titles, all characters in your Legacy will have access to them.
Read more on the Star Wars: The Old Republic site.