It's going to be interesting to see how they plan on stretching the FCRA as having a legal right to access everyone's credit report. Not to mention that every time your credit report is accessed, your credit score goes down. If Mr. Frequent Flyer is turned down for refinancing his home, it ain't gonna go over well in suburbia. I'm betting the credit report access will be nixed.
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Wouldn't a more appropriate question be "What is the relevance of this kind of data?"
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Exactly. From what I remember, at least half of the guys on 9/11 had valid passports/visas as well as addresses and jobs. And with the problem of identity theft at an all time high, it would take about 3 keystrokes for a terrorist to become a model US citizen.