Explanation should include

identifying the advantages of establishing credit
describing the way credit is rated (point system) and the contents of a credit report
identifying what information is included in a person’s credit record or history (e.g., income, payment records, employment record, other personal factors)
reviewing credit rating scores and describing their implications
describing the factors that make up a credit score
describing ways to build credit as an authorized user on an account
explaining how one’s credit rating affects eligibility for credit and employment
explaining how to access one’s personal credit record prior to applying for credit, or, if denied credit, identifying reasons for a credit check
describing steps for correcting errors in one’s credit report.