Under the Fair Credit Reporting Act, a bank can obtain a consumer report if it has a permissible purpose, which may include the following:
Credit transactions
Review or collection of an account
Opening a deposit or savings account
Underwriting of insurance
Any legitimate business need in connection with a business transaction initiated by the consumer, or to review an account to determine whether the consumer continues to meet the terms of the account
Refer to 12 CFR 1022 Fair Credit Reporting (Regulation V) for more information.