Exposure compensation is totally different from raising ISO. What the camera's metering system does is to take readings from various parts of the image and set a blanket average based on 18% grey. Most times this is fine and you get a useable exposure. Setting higher or lower ISO's will not prevent the camera from giving you this blanket setting.
In tricky lighting conditions exposure compensation adjusts the blanket exposure to take into account other factors, like harsh white walls against a darker foreground or background (simplified explanation) where you may need to open up the exposure because the camera has been fooled to close it down by that amount of stops because of the harsh light of the wall; or give a minus compensation because the camera has been fooled to open up too much because of a large area of dark.
One way round exposure compensation is to use exposure lock. Just find an area of midtone like grass or anything between the shadow and highlight and lock your exposure on this before composing and taking the picture (the lazy way). I often use this method, although being able to compensate using the wheel dial on the back of my camera is just as quick these days.
Remember, you are not upping ISO when you are using exposure compensation; you are overriding/tweaking the camera setting which may not be perfect.