ATLANTA - When it comes to renting an apartment or applying for a home loan, most people know their credit report plays a major role. Until now, FICO credit scores have been the gold standard, but new competition may benefit consumers. Fox 5 Real Estate expert John Adams explains what this change means.

For more than 30 years, Fair Isaac & Company’s three-digit FICO score has determined borrowing power for millions of Americans. A higher score meant lower interest rates and better loan terms, while a lower score could cost thousands in added interest.

What a FICO Credit Score Is

A FICO score, ranging from 300 to 850, works as a financial report card. It measures how likely a borrower is to repay debt. Payment history makes up the largest portion of the score, followed by credit utiliz

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