If you're worried about how your credit report will affect your ability to buy a home, you're not alone. While your credit report is important, it's only one of several factors that come into consideration when your loan application is assessed. It is recommended that you obtain a copy of  your credit report to make sure it doesn't contain any errors. If you do find errors, ask the credit reporting bureau to correct them before you apply for a loan.

If you've had credit problems, be prepared to discuss them honestly with your First Horizon relationship manager. When you come to your initial application meeting, you'll want to bring a written explanation and documentation. Our mortgage professionals understand that people have legitimate reasons for credit problems, such as unemployment, illness, or other financial difficulties. (You can also add a statement to your credit file explaining various circumstances.)

Learn Your Credit Score

Your credit score is made up of information from three credit reporting agencies. The following agencies keep credit information on you, and because they don't share their information, you might want to see what each one has on file for you:

• Equifax:  Call (800) 685-1111 or visit www.equifax.com
• Experian:  Call (866) 200-6020 or visit www.experian.com
• Trans-Union:  Call (800) 888-4213 or visit www.transunion.com

An Important Note About Credit

Even after you've been approved for a mortgage, your credit score is still important. We may run a final credit check and verify that your specified bank account has the appropriate funds for closing. Any increases in your debt could affect your loan approval, so make sure your accounts don't change significantly between your loan's approval and closing date.