What does the new law say about user consent for data collection by credit firms?

For example, if a person applies for a loan or credit card, credit firms may gather data like their credit history, payment behavior, and other financial details to create a credit score. The law in question empowers credit firms to collect such data without seeking permission from the individual. In your answer, consider whether this approach respects or disregards the individual's right to approve how their personal data is used.