Why do you need access to my credit report?

Under the requirements of the Patriot Act, all banks must run an identity check on any new member. They use Customer Identification Programs (CIP) that compare your name, address, date of birth, and other information to the records on your credit report. This has no effect on your credit score.

The CIP regulations require institutions to implement reasonable procedures for:

• Verifying the identity of any person seeking to open an account, to the extent reasonable and practical.
• Maintaining records of the information used to verify the person’s identity, including name, address, and other identifying information.