Is Big Brother reading this?

I need some sage advice. I've proofread a certain Large Bank's employee newsletter for the past several years. I've included my Social Security number on my invoices, and Large Bank has paid me. Nothing else was required.

But times have changed. This week the project manager informed me that Large Bank is instituting new information security measures that require contractors to submit to background checks before they can be deemed suitable for the Large Bank payroll. I was a little uncomfortable with this idea until I received the background check authorization form.

After reading it, I'm a lot uncomfortable. It states, in part:

The scope of the report requested by [Large Bank] may include information relating to criminal history, academic achievement, employment history, Social Security number verification, character, general reputation, personal characteristics, and mode of living."

Does that sound arbitrary and invasive to you? Am I overreacting?

I'd appreciate your opinions on this. Thanks!