Credit rating agencies warn that allowing a Missouri income tax bill to become law could have a negative impact on the state's credit rating.
“We believe that if the Missouri legislature overrides the governor’s veto and enacts the legislation, and the federal government passes the Marketplace Fairness Act, it has the potential to result in a significant financial impact to the state, despite requirements for the maintenance of a balanced budget," Standard & Poor's wrote.
Millions of consumers have an error on their credit report. In response, Democratic Senator Claire McCaskill of Missouri held a hearing Tuesday on the consumer report industry.
One out of every five consumers has an error on at least one of their major credit reports, according to a study released a few months ago by the Federal Trade Commission. Those errors can cause consumers to pay more or be denied credit or housing.
McCaskill, who recently became chairman of the Senate subcommittee on consumer protection, called the system “kafkaesque.”