Definitions...
underexposed; pictures are too dark
overexposed; pictures are too light
Exposure Compensation allows you to adjust the amount of light by changing the shutter speed or aperture.The setting appears on my camera as +3 +2 +1 0 -1 -2 -3
Usually you aim for 0 so that there is balance and this can be done using a gray card and making the adjustment to achieve balance.
You can also use the sunny 16 rule and bracket.
or you can make adjustments based on the setting.....
+2 high contrast between light and dark areas
+1 side or back lit scenes such as the beach or snow
0 evenly lit scenes
-1 the background is darker than the subject
-2 the background is very dark and takes up alot of the image