/// Time Warner Cable Slapped With $1.9 Million Penalty for Violating Pricing Rule
Time Warner Cable will pay a $1.9 million civil penalty to settle Federal Trade Commission charges that it violated the risk-based pricing rule. The FTC rule requires creditor companies to give notice to consumers who are provided less favorable credit terms because of their credit reports. According to the FTC's complaint, Time Warner Cable failed to provide proper credit notice between January 2011 and March 2013. As part of the settlement, the cable company must provide in each risk-based pricing notice, other statements explaining details about credit reports, credit terms, and consumers' rights. “Consumers have the right to know if they are paying more for something because of information in their credit report,” said Jessica Rich, the FTC's director of the bureau of consumer protection. “Getting this notice gives you a right to a free copy of your report, so you can make sure everything is correct. Some of Time Warner Cable's customers were missing out on this important right.” “We are pleased to have resolved this matter so that we can focus all of our efforts on providing outstanding services to our customers,” Eric Mangan, a TWC spokesman said in a statement.