Exhibit 99.1

[NCO GROUP LOGO GRAPHIC OMITTED]            [NCO PORTFOLIO LOGO GRAPHIC OMITTED]

                                                                    NEWS RELEASE
For Immediate Release

              Nco Group and NCO Portfolio Announce Merger Agreement

HORSHAM, PA, and BALTIMORE, MD, December 15, 2003 - NCO Group, Inc.
("NCO")(Nasdaq: NCOG), a leading provider of accounts receivable management and
collection services, and NCO Portfolio Management, Inc., ("NCPM")(Nasdaq: NCPM),
a leading purchaser and manager of delinquent accounts receivable, announced
today that they have entered into an agreement by which NCPM would be merged
with a wholly-owned subsidiary of NCO. NCO, which owns approximately 63% of the
outstanding stock of NCPM, would acquire all NCPM shares that it does not own in
a transaction expected to be tax-free to the stockholders of NCPM.

Under the merger agreement, NCPM's minority stockholders will receive 0.36187 of
a share of NCO common stock for each share of NCPM common stock. NCO will issue
approximately 1.8 million shares of NCO common stock to NCPM's minority
stockholders. Under the merger agreement, if the average closing sale price of
NCO common stock for the 10 day trading period ending on the second day prior to
the closing date of the transaction were to be less than $21.50 per share, NCPM
would have the right to terminate the merger agreement unless NCO were to agree
to improve the exchange ratio so that the NCPM minority stockholders receive
that number of shares of NCO common stock with a value equivalent to the $21.50
price, based on such ten trading day average stock price. NCO will also assume
all outstanding NCPM stock options. Additional detail is set forth in the merger
agreement between the parties which will be filed with the Securities and
Exchange Commission ("SEC") shortly.

Commenting on the transaction, Michael J. Barrist, Chairman and Chief Executive
Officer, stated, "I am pleased that we have reached a definitive agreement to
purchase the remaining shares of NCPM. While we will continue to operate NCPM as
a separate business unit within NCO Group, we expect that the transaction will
allow us to eliminate redundant costs, realize certain operating efficiencies,
and refocus the resources associated with operating NCPM as a separate public
company into growing the business."

NCO expects the transaction to be neutral to earnings in 2004 and slightly
accretive in 2005 and beyond. The transaction is currently expected to close
during the first quarter of 2004 and is subject to customary closing conditions
including approval by the shareholders of NCO and approval by the stockholders
of NCPM. NCO has the ability to approve the merger based on its share ownership
of NCPM.

The proposed merger will be submitted to NCO's shareholders and NCPM's
stockholders for their consideration. NCO and NCPM will file a joint proxy
statement/prospectus and other relevant documents concerning the proposed
transaction with the SEC. SHAREHOLDERS OF NCO AND NCPM ARE URGED TO READ THE
JOINT PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS
TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, BEFORE
MAKING ANY DECISION REGARDING THE MERGER. Shareholders of NCO and stockholders
of NCPM will be able to obtain a free copy of the joint proxy
statement/prospectus, as well as other filings containing information about NCO
or NCPM, at the SEC's Internet site (http://www.sec.gov). Copies of the joint
proxy statement/prospectus can be obtained, without charge, by directing a
request to NCO at 507 Prudential Road, Horsham, Pennsylvania 19044, or NCPM at
1804 Washington Blvd., Department 200, Baltimore, Maryland 21230.




NCO and its directors and executive officers may be deemed to be participants in
the solicitation of proxies from the shareholders of NCO in connection with the
merger. Information about the directors and executive officers of NCO and their
ownership of NCO common stock is set forth in the proxy statement for NCO's 2003
annual meeting of shareholders as filed with the SEC on a Schedule 14A.
Additional information about the interests of those participants may be obtained
from reading the definitive joint proxy statement/prospectus regarding the
proposed merger when it becomes available.

NCPM and its directors and executive officers may be deemed to be participants
in the solicitation of proxies from the stockholders of NCPM in connection with
the merger. Information about the directors and executive officers of NCPM and
their ownership of NCPM common stock is set forth in the information statement
for NCPM's 2003 annual meeting of stockholders as filed with the SEC on a
Schedule 14C. Additional information about the interests of those participants
may be obtained from reading the definitive joint proxy statement/prospectus
regarding the proposed merger when it becomes available.

For further information:

At NCO Group, Inc.
Michael J. Barrist, Chairman and CEO
Steven L. Winokur,    EVP, Finance and CFO
Paul E. Weitzel, Jr., EVP, Corporate Development and International Operations
(215) 441-3000
www.ncogroup.com

At NCO Portfolio Management, Inc.
Richard J. Palmer, SVP, Finance and CFO
(443) 263-3181
e-mail: rick.palmer@ncogroup.com

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Certain statements in this press release, including, without limitation,
statements as to the merger or the impact of the merger on NCOs, statements as
to NCO's, NCPM's, or their respective 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, risks relating to acquisitions including
possible unknown liabilities, the risk that the merger will not be completed,
the risk that NCO or NCPM will not be able to implement its business strategy as
and when planned, risks related to the final outcome of the environmental
liability, risks related to past and possible future terrorists attacks, risks
related to the economy, the risk that NCO or NCPM 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 international operations, risks relating to any
adverse impact of restating NCO's historical financial statements and other
risks detailed from time to time in NCO's and NCPM's filings with the Securities
and Exchange Commission, including the Annual Report of NCO and NCPM on Form
10-K, as amended, can cause actual results and developments to be materially
different from those expressed or implied by such forward-looking statements.
NCO and NCPM disclaim any intent or obligation to publicly update or revise any
forward-looking statements, regardless of whether new information becomes
available, future developments occur or otherwise.

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