Just as financial companies rely on “credit reports” to establish credit for customers, insurance companies utilize “medical report” files to assess the health, insurability, and price ratings for individual health insurance applicants. The Federal laws FCRA and FACTA, which govern the credit bureaus Experian, Equifax, and TransUnion, also regulate the nationwide specialty insurance reporting agencies the Medical Information Bureau Inc (MIB), Ingenix Inc., and Milliman Inc.
In fact, failing to check your medical report can be costly; errors or omissions within individual medical report files can cause applicants to be rejected outright, pay higher policy premiums, or suffer outright rescission of coverage! (For example, “Denied Insurance Because of a Medical Coding Error in Her MIB Report” from the Consumer Reports Health Blog) https://www.annualmedicalreport.com/denied-insurance-because-of-a-medical-coding-error-in-her-mib-report-video/
Simple Tip: All health insurance applicants and policyholders should request an annual copy of their “medical report” files from the three major specialty nationwide consumer reporting agencies to ensure they aren’t overpaying for insurance or in danger of policy rejection or rescission for reported pre-existing conditions.