No, we're not talking about what The Men in Black might have on you. The MIB Group keeps records of every applicant for an individual Life, Health, Critical Illness, Disability, or Long-Term Care policy to some 470 U.S and Canadian participating insurance companies during the past seven years.
MIB (originally the Medical Information Bureau) maintains this database to ensure underwriting standards that curb fraud. For example, if one insurance company rejects an applicant because of a congestive condition and he or she "forgets" to mention this diagnosis when applying to a second company, the person's report would raise a red flag.
When you apply for coverage, the insurer will have MIB send you a pre-release notice and authorization for release of your report to sign and return, together with your application. Your report does not contain detailed medical records - just codes that identify medical conditions or tests which might affect underwriting your policy. However, MIB specifically prohibits companies from relying solely on the report to make a coverage decision.
You're entitled to one free report a year - don't fall for online scams that try to charge you for this information! To receive your copy, call (866) 692-6901 and provide proof of identity (name, address, DOB, Social Security number, etc. If you think information in your file is incorrect, you can send a written dispute to MIB, which will investigate the discrepancy.