SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 12b-25

                        Commission File Number: 811-01639
                           NOTIFICATION OF LATE FILING

(Check One): [X] Form 10-K     [_] Form 11-K    [_] Form 20-F     [_] Form 10-Q
                 [_] Form N-SAR

     For Period Ended: 12/31/2003
 [_] Transition Report on Form 10-K
 [_] Transition Report on Form 20-F
 [_] Transition Report on Form 11-K
 [_] Transition Report on Form 10-Q
 [_] Transition Report on Form N-SAR
     For the Transition Period Ended: _________________________
     Read attached instruction sheet before preparing form. Please print or
type.

     Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.

     If the notification relates to a portion of the filing checked above,
identify the item(s) to which the notification relates:

                                     PART I
                             REGISTRANT INFORMATION
Franklin Credit Management Corporation
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Full Name of Registrant

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Former Name if Applicable

Six Harrison Street
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Address of Principal Executive Office (Street and Number)

New York, New York  10013
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City, State and Zip Code

                                     PART II
                             RULE 12b-25(b) AND (c)

     If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate.)

[X]  (a)  The reasons described in reasonable detail in Part III of this form
          could not be eliminated without unreasonable effort or expense;
[X]  (b)  The subject annual report, semi-annual report, transition report on
          Form 10-K, Form 20-F, Form 11-K or Form N-SAR, or portion thereof will
          be filed on or before the 15th calendar day following the prescribed
          due date; or the subject quarterly report or transition report on Form
          10-Q, or portion thereof will be filed on or before the fifth calendar
          day following the prescribed due date; and





[_]  (c)  The accountant's statement or other exhibit required by Rule 12b-25(c)
          has been attached if applicable.

                                    PART III
                                    NARRATIVE

     State below in reasonable detail why the Form 10-K, 11-K, 20-F, 10-Q, N-SAR
or the transition report or portion thereof could not be filed within the
prescribed time period. (Attach extra sheets if needed.)

     Registrant is revising narrative text to address certain comments provided
by its auditors shortly before the filing date.

                                     PART IV
                                OTHER INFORMATION

(1)  Name and telephone number of person to contact in regard to this
     notification

             Kimberly Shaw                   212                925-8745
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                  (Name)                    (Area Code)       (Telephone Number)

(2)  Have all other periodic reports required under Section 13 or 15(d) of the
     Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
     of 1940 during the preceding 12 months or for such shorter period that the
     registrant was required to file such report(s) been filed? If the answer is
     no, identify report(s). [X] Yes [_] No

(3)  Is it anticipated that any significant change in results of operations from
     the corresponding period for the last fiscal year will be reflected by the
     earnings statements to be included in the subject report or portion
     thereof? [_] Yes [X] No

     If so: attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.

                Franklin Credit Management Services Corporation
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                  (Name of Registrant as Specified in Charter)


Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.

Date:  March 31, 2004                           By /s/ Kimberley Shaw
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                                                Name: Kimberley Shaw
                                                Title: Vice President of Finance