Miami-Dade Legislative Item
File Number: 110157
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File Number: 110157 File Type: Resolution Status: Adopted
Version: 0 Reference: R-371-11 Control: Board of County Commissioners
File Name: STUDY ON BILL PAYMENT REPORTING TO HELP BUILD CREDIT Introduced: 1/25/2011
Requester: NONE Cost: Final Action: 5/3/2011
Agenda Date: 5/3/2011 Agenda Item Number: 11A16
Notes: Title: RESOLUTION DIRECTING MAYOR OR MAYOR’S DESIGNEE TO STUDY THE USE OF SERVICES THAT PROVIDE AN ALTERNATIVE CREDIT REPORTING SYSTEM FOR RESIDENTS IN NON-CREDIT-BUILDING CATEGORIES INCLUDING, BUT NOT LIMITED TO THOSE WHERE BILL PAYMENT REPORTING HELPS TO BUILD CREDIT AS A WAY TO PROVIDE AN ADDITIONAL AVENUE TO HOME OWNERSHIP
Indexes: CREDIT
  CREDIT RATING
  STUDY
Sponsors: Jean Monestime, Prime Sponsor
Sunset Provision: No Effective Date: Expiration Date:
Registered Lobbyist: None Listed


Legislative History

Acting Body Date Agenda Item Action Sent To Due Date Returned Pass/Fail

Board of County Commissioners 5/3/2011 11A16 Adopted P

Economic Development & Social Services Committee 4/13/2011 2D Forwarded to BCC with a favorable recommendation P
REPORT: Assistant County Attorney Terrence Smith read the foregoing proposed resolution into the record. The Committee proceeded to vote on this proposed resolution as presented. Commissioner Bell expressed her concern with the County’s involvement in a credit reporting system. Chairwoman Sosa noted the potential burden for rental properties and this proposed credit reporting system should apply to owners of five (5) or more properties. She suggested that a review of the different options, in terms of liability, for participating in such a credit reporting system be conducted prior to the County Commission’s consideration of this proposed resolution.

Economic Development & Social Services Committee 3/9/2011 2B No action taken due to cancellation of meeting

County Attorney 3/8/2011 Referred Economic Development & Social Services Committee 4/13/2011

County Attorney 2/9/2011 Referred Economic Development & Social Services Committee 3/9/2011

Economic Development & Social Services Committee 2/9/2011 2B No action taken due to lack of a quorum

County Attorney 1/25/2011 Referred Economic Development & Social Services Committee 2/9/2011

County Attorney 1/25/2011 Assigned Martin W. Sybblis

Legislative Text


TITLE
RESOLUTION DIRECTING MAYOR OR MAYOR’S DESIGNEE TO STUDY THE USE OF SERVICES THAT PROVIDE AN ALTERNATIVE CREDIT REPORTING SYSTEM FOR RESIDENTS IN NON-CREDIT-BUILDING CATEGORIES INCLUDING, BUT NOT LIMITED TO THOSE WHERE BILL PAYMENT REPORTING HELPS TO BUILD CREDIT AS A WAY TO PROVIDE AN ADDITIONAL AVENUE TO HOME OWNERSHIP

BODY
WHEREAS, the ability to purchase a home is greatly influenced by an individual’s credit score generated by the three national credit reporting agencies; and
WHEREAS, many people with good finances and a long record of on-time payment for many services including but not limited to housing and business rent, electric, water, cable, and phone service cannot use this history of payment and accounts in good-standing toward their credit score; and
WHEREAS, a portion of the population cannot qualify for common forms of revolving debt such as credit cards without high interest rates because of a lack of credit history; and
WHEREAS, there is now an abundance of affordably priced homes on the market in Miami-Dade County; and
WHEREAS, providing avenues that are in addition to traditional credit scoring for people with solid bill payment history to build credit might create a path to homeownership and help bolster the local housing market; and
WHEREAS, a non-traditional credit reporting bureau, Payment Reporting Builds Credit (PRBC), uses rental utility and auto loan payments along with expanded FICO scoring to provide a more complete credit report,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that the Mayor or the Mayor’s designee shall:
Section 1. Investigate the use of services including but not limited to “Payment Reporting Builds Credit” that provide an additional credit reporting system for residents with strong payment history but in non-credit-building categories as an avenue to home ownership.
Section 2. Submit a report to the Board on the feasibility of using such credit scoring systems in housing developments financed wholly or in-part by Miami-Dade County and the potential for use in the larger real estate market within 60 days of the effective date of this resolution.



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