Typically in pre-mature babies an Ultrasound is performed 7 days after birth to evaluate for a bleed. If one is found it is graded on a 1-4 scale. A 1 or 2 grade bleed is a small amount of bleeding that typically does not require intervention and does not have any long-term consequence. A grade 3-4 bleed however have a higher amount of blood which can place pressure on the brain potentially causing damage or blocking the normal flow of spinal fluid. If this happens a condition called hydrocephalus can occur in which there is an accumulation of fluid in the brain. This may require surgical intervention with the use a drain called a shunt to direct the extra fluid from the brain to an area where it can be reabsorbed by the body naturally.
Here are some resources that can be of more help in learning about this condition.