Unintended consequences: Credit law change led to intrusive inquiries and higher denial rates for creditworthy borrowers

Trade and Consumer Finance Minister David Clark was forced to amend the CCCFA and then order an investigation after lending orders fell. Photo/Mark Mitchell

A government inquiry into changes to the Credit Agreements and Consumer Credit Act has revealed that changes to the law have led to a series of unintended consequences, despite warnings from the financial sector.

Trade and consumption