[arejay]

So I spoke to one of these "credit repair" companies to try and get a couple of questions answered prior to starting to go the repair route on my own. The representative explained something to me that sounded legit, but at the same time too good to be true. So I thought I would run it by everyone here to see what you all thought.

Basically the rep said that if you took out a loan with ABC bank and for whatever reason did not make payments on the loan. Eventually the loan gets "charged off". Somewhere at the end there ABC bank sells the loan/debt to another company, we'll call them 123 Bank. The rep said that since you never signed an agreement with 123 bank to repay the loan, you are not legally obligated to repay it.

Like I said, it makes sense, but at the same time it would seem to me that if it were true 123 bank would never have purchased the debt in the first place right?

Any input would be apprciated. Thanks!