OSI Announces the Acquisition of RWC Consulting Group, Inc.

Outsourcing Solutions Inc. (?OSI?) announced today that through a newly-formed limited liability company, RWC Consulting Group, LLC, it had acquired certain assets and assumed certain liabilities of the RWC Consulting Group, Inc. (?RWC?). Terms of the purchase were not disclosed.

With the acquisition of RWC, OSI expands its position as a business outsourcing firm. RWC provides highly-skilled consultants to a large group of bank clients. The services provided assist their clients in back office functions such as research and adjustment, reconcilement, charge-off recovery and other areas. The combination of OSI and RWC creates a company capable of offering services across a broader spectrum of the business outsourcing market, particularly within the banking industry. By providing additional services beyond its core competency of receivables management, OSI will further enhance its client relationships.

RWC will become a business unit of OSI reporting to Timothy G. Beffa, President and CEO. Bob Curtis, who founded Boerne, Texas-based RWC in February 1998, will continue as President of the unit. He has more than 22 years of experience in the banking industry.

According to Beffa, ?RWC?s transaction processing environment fits with OSI?s desire to aggressively expand its business outsourcing services. We see numerous advantages ? their business is compatible with our existing businesses, and they will provide OSI with a strong foothold in financial services transaction processing.?

This is the eighth acquisition by OSI since its formation in September 1995. OSI is the leading provider of receivables management services with a list of blue chip clients in Healthcare, Bank Card/Financial, Telecom/Utilities, Government and Education industries. It provides large consumer and business-to-business credit grantors with comprehensive receivables management services, from credit usage and management to outsourcing of pre-charged-off receivables, to contingent collection of delinquent debts, to purchasing portfolios of charged-off debt. Based in St. Louis, MO, OSI operates in 27 states and has industry-focused ?Centers of Excellence? in 58 locations as well as branches in Mexico, Puerto Rico and Canada.

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 OSI 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.