Term Life Insurance Tips & News

What Is The Medical Information Bureau (MIB)

by Stephanie on January 6th, 2010

The MIB was originally established in 1902. It serves the information needs of almost 500 health and life insurance companies in North America as they relate to, health, credit and other information about consumer-patients who request insurance.  Any information that is used to determine insurability of a consumer-patient could be on file with the MIB.  The MIB retains all consumer-patient information for seven years.

What information does MIB collect?

• Credit information
• Medical conditions
• Medical tests and results
• Habits such as smoking, overeating, gambling, drugs, alcohol
• Hazardous avocations and hobbies (skydiving, pilot, scuba, etc.)
• Motor vehicle reports (poor driving history and accidents)

Considered by the government to be a consumer reporting agency, its services must adhere to the US Fair Credit Reporting Act and the Fair and Accurate Credit Transactions Act .  What this means to you as a consumer-patient is that they are subject to similar disclosure rules as the credit reporting agencies.  Once a year, you are able to obtain copies of your report at no cost.  Go to http:///www.mib.com/html/request_your_record.html and follow the instructions to begin your inquiry.   Any errors may be disputed with MIB in writing at the address listed on their website.

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