SUBSIDIARIES OF THE REGISTRANT                                        Exhibit 21

The  following is a list of the  Company's  subsidiaries  and  jurisdictions  of
incorporation  or  organization  as  of  April 10,  2002,  except  for  unnamed
subsidiaries  which,  considered in the aggregate as a single subsidiary,  would
not constitute a significant subsidiary.

Name of Subsidiary                                 Jurisdiction of Incorporation
                                                          or Organization


OSI Portfolio Services, Inc.                                 Delaware

Perimeter Credit, L.L.C.                                     Delaware

Gulf State Credit, L.L.C.                                    Delaware

OSI Support Services, Inc.                                   Wisconsin

OSI Collection Services, Inc.                                Delaware

OSI Education Services, Inc.                                 Wisconsin

Asset Recovery & Management Corp.                            Wisconsin

Indiana Mutual Credit Association, Inc.                      Indiana

Jennifer Loomis & Associates, Inc.                           Arizona

Qualink, Inc.                                                Wisconsin

Grable, Greiner & Wolff, Inc.                                Wisconsin

Professional Recoveries Inc.                                 Wisconsin

Payco American International Corp.                           Wisconsin

Federal Collection Bureau, S.A. de C.V.                      Mexico

North Shore Agency, Inc.                                     New York

North Shore Agency Collection Corporation, Canada            Canada

The Union Corporation                                        Delaware

OSI Outsourcing Services, Inc.                               Delaware

Transworld Systems, Inc.                                     California

OSI SPE LLC                                                  Delaware

University Accounting Services, LLC                          Wisconsin

RWC Consulting Group, LLC                                    Delaware

Coast to Coast Consulting, LLC                               Delaware

Pacific Software Consulting, LLC                             Delaware

PAE Leasing, LLC                                             Delaware

Greystone Business Group, LLC                                Delaware