- Getty Images/iStockphotoThe credit-scoring industry is going through a big shift as companies compete to gain more power over the market — and prospective home buyers should pay attention. That FICO credit score impacted not just a home buyer’s mortgage rate, but also their loan amount and ability to qualify for certain loans. Meanwhile, the housing market has been challenging for home buyers in recent years, with home prices and mortgage rates remaining elevated. Home sales have been relatively stagnant as housing remains unaffordable for most potential buyers. The group has called for reforms that “support a better credit-reporting system that promotes more competition, efficiency and lower costs for consumers,” he added.