NCO Portfolio Management

NCO Portfolio Management, Inc. purchases and manages investments in past due accounts receivable from consumer creditors such as banks, finance companies, retailers, hospitals, utilities, and other consumer-oriented companies. Most of the Company's receivables are VISA and MasterCard credit card accounts that the issuing banks have charged off their books due to non-payment. Its purchased accounts receivable originate from consumers throughout the United States, Canada and the United Kingdom. Since its founding in 1999 through December 31, 2002, the Company has purchased nearly $11 billion of past due consumer accounts receivable for approximately $251 million, and has collected approximately $248 million from over four million accounts. The Company has also invested in smaller balance past due consumer receivables, such as utility and medical debts, through its joint venture with IMNV Holdings, LLC. (Source: 10-K)