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

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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.

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