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RESOLUTION DIRECTING THE COUNTY MAYOR OR THE COUNTY MAYOR�S DESIGNEE, IN ACCORDANCE WITH RESOLUTION NO. R-371-11, TO PREPARE AND SUBMIT A STUDY OF 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 [SEE ORIGINAL ITEM UNDER FILE NO. 160941]

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WHEREAS, this Board adopted Resolution No. R-371-11, which directed the County Mayor or the County Mayor�s designee to 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; and
WHEREAS, Resolution No. R-371-11 also directed the County Mayor or the County Mayor�s designee to 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; and
WHEREAS, [[the report was never submitted to the Board]]>> on October 13, 2011, the County Mayor submitted a report to this Board in which the County Mayor did not recommend proceeding with this type of credit reporting system<<1; and
>>WHEREAS, this Board believes the capabilities and capacity of Miami-Dade County to provide such alternative credit reporting services are much improved since the prior recommendation rendered almost five years ago; and
WHEREAS, alternative credit reporting initiatives would greatly benefit the citizens in our community who continue to struggle in a local economy with a persistent and significant income inequality gap; and<<
WHEREAS, approximately 100 million Americans have little or no credit history on file with the Experian, Equifax and TransUnion bureaus but earn a steady income and meet regular payment obligations of rent, utilities and recurring bills; and
WHEREAS, these potential creditworthy customers are often denied for credit offerings due to their thin or nontraditional credit history; and
WHEREAS, a portion of the population still 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, 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, 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, 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:
Section 1. This Board adopts the foregoing recitals incorporated as if fully set forth herein.
Section 2. This Board directs the County Mayor or the County Mayor�s designee, in accordance with Resolution No. R-371-11 >>and this resolution<<, to prepare and submit [[a]]>>an updated<< study of 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 services, such as Payment Reporting Builds Credit, help to build credit as a way to provide an additional avenue to home ownership. The study shall also include information concerning 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. The County Mayor or County Mayor�s designee shall provide the study to this Board within 30 days of the effective date of this resolution and shall place the completed study on an agenda of the Board pursuant to Ordinance No. 14-65.

1 Committee amendments are indicated as follows: Words double stricken through and/or [[double bracketed]] are deleted, words double underlined and/or >>double arrowed<< are added.