This paper studies the consequences of privacy regulation by exploiting Google’s 2019 data-access restriction. We document a key trade-off: stronger privacy protections increase loan applications, suggesting higher demand, but lead to tighter screening and reduced credit supply. This contraction disproportionately excludes economically and socially marginalized applicants. Using bureau records, we quantify the "FinTech ladder effect,'" whereby early digital credit access enables long-term borrowing. Privacy-driven rejections lower the likelihood of obtaining credit by 13.7 percentage-points even after four years. A structural model decomposes the welfare effects and shows that regulation raises consumer surplus by 0.23-0.60% but reduces lender profits by 20-23%.