8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                       ----------------------------------



                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


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            Date of Report (Date of earliest event reported): 9/26/01


                                 NCO GROUP, INC.
             -----------------------------------------------------
             (Exact name of Registrant as specified in its charter)


        Pennsylvania                      0-21639               23-2858652
--------------------------------       --------------     ----------------------
(State or other jurisdiction of         (Commission         (I.R.S. Employer
 incorporation or organization)         File Number)      Identification Number)


                             515 Pennsylvania Avenue
                       Fort Washington, Pennsylvania 19034
          ------------------------------------------------------------
          (Address of principal executive offices, including zip code)


       Registrant's telephone number, including area code: (215) 793-9300
                                                          ----------------






Item 5.  Other Events.
         ------------

On September 26, 2001, NCO Group, Inc. issued a press release that discussed the
impact of the September 11th attacks and announced the authorization of a stock
repurchase plan. A copy of this press release appears as Exhibits 99.1 to this
Report and is incorporated herein by reference.


Item 7.  Financial Statements and Exhibits.
         ---------------------------------

               (a)  Financial Statements of Businesses Acquired.

               Not Applicable.

               (b)  Pro Forma Financial Information.

               Not Applicable.

               (c)  Exhibits:

            Number                      Title
            ------                      -----

             99.1    Press Release of NCO Group, Inc. dated September 26, 2001.


                                       2





                                   SIGNATURES


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                         NCO GROUP, INC.

                                         By:   /s/ Steven L. Winokur
                                               --------------------------
                                               Executive Vice President, Finance
                                               and Chief Financial Officer

Date:   October 1, 2001





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EX-99.1

[NCO Group, Inc. LOGO]
For further information:                                            NEWS RELEASE

At NCO Group, Inc.                      At the Financial Relations Board
Michael J. Barrist,                     Joe Calabrese (General)
Chairman and CEO                        Judith Sylk-Siegel (Media)
Steven L. Winokur,                      Nicole Engel (Analysts)
EVP, Finance and CFO                    (212) 661-8030
(215) 793-9300
www.ncogroup.com

For Immediate Release

           NCO GROUP, INC. DISCUSSES IMPACT OF SEPTEMBER 11TH ATTACKS
              AND ANNOUNCES AUTHORIZATION OF STOCK REPURCHASE PLAN

FORT WASHINGTON, PA, September 26, 2001 - NCO Group, Inc. ("NCO") (Nasdaq:
NCOG), a leading provider of accounts receivable management and collection
services, announced today that the September 11th terrorist attacks will
adversely affect its near term earnings.

Immediately following the attacks, NCO's outbound calling operations were
limited as certain clients mandated the temporary suspension of outgoing calls
to the New York City and Washington, D.C. areas, while others requested a
suspension of all collection efforts out of respect for the tragedy. Further
effects were felt as mail service and overnight delivery services were delayed.

Currently, management expects its September revenue to be approximately $6.0
million below previous expectations, which will cause third quarter diluted
earnings per share to be approximately $.08 to $.10 below the guidance provided
on August 1, 2001. Management is currently monitoring consumer response, mail
volumes and payment patterns in an effort to determine the long-term effect of
the drop in consumer confidence resulting from the September 11th events and its
impact on future earnings.

Michael J. Barrist, Chairman and Chief Executive Officer, stated, "All of us at
NCO were deeply saddened by the tragic events of September 11, 2001. Like many
companies, we temporarily adjusted our operating strategy immediately following
the attack to allow both our clients and consumers time to adjust to what had
transpired. During the last two weeks, we have worked closely with our clients
to assure that our collection activities return to normalcy in a responsible
manner. We have already begun to see steady improvement in our collections and
the majority of our client initiated call restrictions have been lifted. While
we are encouraged by this trend, we are not able to ascertain what ongoing
adverse effects will remain as a result of diminished consumer confidence and
the numerous forbearance programs that have been put into effect by our clients.
We will continue to monitor consumer payment patterns over the next several
weeks and we expect to provide revised investor guidance for the fourth quarter
and beyond as it becomes available."

In addition, NCO's Board of Directors and its lender group have authorized the
repurchase of up to $15.0 million of its currently issued common stock, subject
to a limit of one million shares. The share purchases will be made from time to
time, depending on market conditions. Shares may be purchased either in the open
market or through privately negotiated transactions. The repurchase program does
not obligate NCO to acquire any specific number of shares and may be
discontinued at any time.

"NCO's board authorized this repurchase program because we have confidence in
both the financial markets, and NCO's position as the industry leader in the
accounts receivable management and collection industry. Additionally, we believe
that, depending on market conditions, this repurchase program offers an
excellent opportunity to increase shareholder value," said Michael J. Barrist.




NCO Group, Inc. is the largest provider of accounts receivable collection
services in the world. NCO provides services to clients in the financial
services, healthcare, retail, commercial, education, telecommunications,
utilities and government sectors.

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Certain statements in this press release, including, without limitation,
statements as to NCO's, or management's outlook as to financial results in 2001
and beyond, statements as to the effects of the terrorist attacks and the
economy on NCO's business, statements as to NCO's intention repurchase shares of
its common stock from time to time under its stock repurchase plan, statements
as to the effects of potential business opportunities, statements as to the
NCO's or management's beliefs, expectations or opinions, and all other
statements in this press release, other than historical facts, are
forward-looking statements, as such term is defined in the Securities Exchange
Act of 1934, which are intended to be covered by the safe harbors created
thereby. Forward-looking statements are subject to risks and uncertainties, are
subject to change at any time and may be affected by various factors that may
cause actual results to differ materially from the expected or planned results.
In addition to the factors discussed above, certain other factors, including
without limitation, the risk that the NCO will not be able to implement its
five-year strategy as and when planned, the risk that the NCO will not be able
to improve margins, risks relating to growth and future acquisitions, risks
related to fluctuations in quarterly operating results, risks related to the
timing of contracts, risks related to strategic acquisitions and international
operations, and other risks detailed from time to time in the NCO's filings with
the Securities and Exchange Commission, including the Annual Report on Form
10-K, filed on March 16, 2001, can cause actual results and developments to be
materially different from those expressed or implied by such forward-looking
statements.

A copy of the Annual Report on Form 10-K can be obtained, without charge except
for exhibits, by written request to Steven L. Winokur, Executive Vice President,
Finance/CFO, NCO Group, Inc., 515 Pennsylvania Avenue, Ft. Washington, PA 19034.

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         For more information on NCO Group, Inc., via fax at no charge,
                dial 1-800-pro-info and enter ticker symbol NCOG.
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