OSI Purchases Automotive Finance Portfolio Totaling $79 Million In Receivables

OSI Portfolio Services, Inc. (OSI), announced today it has acquired an automotive finance portfolio of distressed consumer receivables totaling $79 million.

The portfolio consists of consumer accounts with an average charge-off age of 12 months. The seller and terms of the sale, which was finalized in August, were not disclosed.

OSI has become one of the nation?s largest buyers of consumer receivables portfolio services. Over the past three years OSI has acquired nearly 200,000 distressed consumer accounts in the automotive finance sector alone, with a face value of $959 million. OSI also has purchased major receivables portfolios from Banc One Credit Company and Nissan Motor Acceptance Corporation.

?We see the consumer receivables market, especially in the auto finance area, as a growth opportunity for our business,? said Christopher J. Shuler, an OSI senior vice president for strategic development. ?More and more creditors are looking at selling their receivables portfolios to OSI in order to better utilize their own internal resources, reduce their collections costs, and capture cash flow more quickly. OSI?s reputation for being able to work these accounts while protecting the creditor?s reputation and customer retention objectives is especially valued by our clients.?

OSI is a subsidiary of Outsourcing Solutions Inc., which is one of the nation?s leading providers of strategic receivables management services, enhancing the financial performance of America?s leading companies. With industry-specific strategies and services, the OSI companies deliver results that improve the bottom line through accelerated cash flow, lower operating costs, reduced bad debt expense and improved customer retention. The OSI companies provide outsourcing, collection and portfolio services to a blue chip roster of Fortune 500 clients.

Headquartered in St. Louis, Outsourcing Solutions Inc. and its subsidiaries have approximately 8,300 employees in nearly 70 locations across 25 states plus Canada, Mexico and Puerto Rico. The company reported total revenues of $543 million in 2000. More information about OSI can be found by visiting www.osi.to.

Note: Certain matters discussed within this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These uncertainties are more fully described in the Company?s filings with the Securities and Exchange Commission.