Explanation should consist of

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, closed accounts, employment record, previous bankruptcy, public records, other personal factors)
reviewing credit rating scores and describing their implications, including the impact on interest rates for future credit
describing the factors that make up a credit score
describing ways to build credit as an authorized user on an account
explaining how a customer’s credit rating affects eligibility for credit and employment
identifying how revolving credit can affect long-term financial goals such as applying for a mortgage
describing how to access one’s personal credit record before applying for credit, or, if denied credit, identifying reasons for a credit check
describing steps for correcting errors in one’s credit report.
explaining the different uses of FICO (originally Fair, Isaac and Company) credit reporting agencies
identifying the three credit reporting agencies
- Equifax
- TransUnion
- Experian.