UNITED STATES
                    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

Date of Report (Date of earliest event reported)     June 26, 1997

                      Commission file number 0-17771  


                  FRANKLIN CREDIT MANAGEMENT CORPORATION
     (Exact name of small business issuer as specified in its charter) 

            Delaware                                       75-2243266     
 (State or other jurisdiction
of incorporation or organization)          (I.R.S. Employer Identification No.) 

                            Six Harrison Street 
                        New York, New York  10013 
                              (212) 925-8745 
  (Address of principal executive offices, including zip code, and telephone
                       number, including area code) 


<PAGE>

Item 4.   Change in Registrant's Certifying Accountant.

     Franklin Credit Management Corporation (the "Registrant") terminated 
the service of McGladrey & Pullen, LLP ("M&P") as independent auditors for the
Registrant on July 1, 1997.

     None of the reports of M&P on the financial statements of the Registrant 
for either of the past two fiscal years contained an adverse opinion or a 
disclaimer of opinion, or was qualified or modified as to uncertainty, audit
scope or accounting principles.  During the Registrant's two most recent fiscal
years and subsequent interim period preceding the termination of M&P, there 
were no disagreement(s) with M&P on any matter of accounting principles or 
practices, financial statement disclosure or auditing scope or procedures, which
disagreement(s), if not resolved to the satisfaction of M&P would have caused
it to make reference to the subject matter of the disagreement(s) in connection
with its report.  None of the reportable events listed in Item 304(a)(1)(v) of
Regulation S-K occured with respect to the Registrant during the Registrant's
two most recent fiscal years and the subsequent interim period preceding the
termination of M&P.

     On July 1, 1997, the Registrant with the approval of its Broard of 
Directors engaged Deloitte & Touche, LLP ("D&T") as its independent auditors.

     During the Registrant's two most recent fiscal years and the subsequent
interim period preceeding the engagement of D&T, neither the Registrant nor
anyone on its behalf consulted D&T regarding the application of accounting
principles to a specific completed or contemplated transaction, or the type of
audit opinion that might be rendered on the Registrant's financial statements,
and no written or oral advice concerning same was provided to the Registrant 
that was an important factor considered by the Registrant in reaching a 
decision as to any accounting, auditing or financial reporting issue.


Item 7.   Financial Statements and Exhibits.

(c)  Exhibits

1.   Letter of M&P, dated July 1, 1997, to the Securities and Exchange 
Commission.
<PAGE>

                              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

July 2, 1997                                FRANKLIN CREDIT MANAGEMENT 
                                                   CORPORATION 


                                             By:  /s/ JOSEPH CAIAZZO
                                             Name:    Joseph Caiazzo      
                                             Title: Vice President and Chief
                                                    Operating Officer
<PAGE>

Exhibit (c)

McGladrey & Pullen, LLP                                               RMS
Certified Public Accuntants and Consultants                      International



                                                                July 1, 1997 

Securities and Exchange Commission 
Washington, DC  20549 


We were previously the independent accountants for Franklin Credit Management
Corporation, and on March 7, 1997, we reported on the consolidated financial
statements of Franklin Credit Management Corporation and subsidiaries as of and
for the two years ended December 31, 1996. On July 1, 1997, we were terminated
as independent accountants of Franklin Credit Management Corporation. 

We have read Franklin Credit Management Corporation's statements included under
Item 4 of its Form 8-K dated July 1, 1997, and we agree with such statements. 


                                                     McGladrey & Pullen, LLP 







                                                                      Worldwide
One Church Street                                                      Services
New Haven, Connecticut 06510-3330                                       Through
(203) 773-1909 FAX (203) 773-0591                             RMS International
[{"type": "8-K", "sequence": "1", "description": "CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT.", "secsgml_size_bytes": 5084}]
{"company-data": {"conformed-name": "FRANKLIN CREDIT MANAGEMENT CORP/DE/", "cik": "0000831246", "assigned-sic": "6199", "irs-number": "752243266", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-17771", "film-number": "97635231"}, "business-address": {"street1": "SIX HARRISON ST", "city": "NEW YORK", "state": "NY", "zip": "10013", "phone": "2129258745"}, "mail-address": {"street1": "SIX HARRISON ST", "city": "NEW YORK", "state": "NY", "zip": "10013"}, "former-company": {"former-conformed-name": "MIRAMAR RESOURCES INC", "date-changed": "19920703"}}
UNITED STATES
                    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

Date of Report (Date of earliest event reported)     June 26, 1997

                      Commission file number 0-17771  

                  FRANKLIN CREDIT MANAGEMENT CORPORATION
     (Exact name of small business issuer as specified in its charter) 

            Delaware                                       75-2243266     
 (State or other jurisdiction
of incorporation or organization)          (I.R.S. Employer Identification No.) 

                            Six Harrison Street 
                        New York, New York  10013 
                              (212) 925-8745 
  (Address of principal executive offices, including zip code, and telephone
                       number, including area code)
Item 4.   Change in Registrant's Certifying Accountant.

     Franklin Credit Management Corporation (the "Registrant") terminated 
the service of McGladrey & Pullen, LLP ("M&P") as independent auditors for the
Registrant on July 1, 1997.

     None of the reports of M&P on the financial statements of the Registrant 
for either of the past two fiscal years contained an adverse opinion or a 
disclaimer of opinion, or was qualified or modified as to uncertainty, audit
scope or accounting principles.  During the Registrant's two most recent fiscal
years and subsequent interim period preceding the termination of M&P, there 
were no disagreement(s) with M&P on any matter of accounting principles or 
practices, financial statement disclosure or auditing scope or procedures, which
disagreement(s), if not resolved to the satisfaction of M&P would have caused
it to make reference to the subject matter of the disagreement(s) in connection
with its report.  None of the reportable events listed in Item 304(a)(1)(v) of
Regulation S-K occured with respect to the Registrant during the Registrant's
two most recent fiscal years and the subsequent interim period preceding the
termination of M&P.

     On July 1, 1997, the Registrant with the approval of its Broard of 
Directors engaged Deloitte & Touche, LLP ("D&T") as its independent auditors.

     During the Registrant's two most recent fiscal years and the subsequent
interim period preceeding the engagement of D&T, neither the Registrant nor
anyone on its behalf consulted D&T regarding the application of accounting
principles to a specific completed or contemplated transaction, or the type of
audit opinion that might be rendered on the Registrant's financial statements,
and no written or oral advice concerning same was provided to the Registrant 
that was an important factor considered by the Registrant in reaching a 
decision as to any accounting, auditing or financial reporting issue.

Item 7.   Financial Statements and Exhibits.

(c)  Exhibits

1.   Letter of M&P, dated July 1, 1997, to the Securities and Exchange 
Commission.
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

July 2, 1997                                FRANKLIN CREDIT MANAGEMENT 
                                                   CORPORATION 

                                             By:  /s/ JOSEPH CAIAZZO
                                             Name:    Joseph Caiazzo      
                                             Title: Vice President and Chief
                                                    Operating Officer
Exhibit (c)

McGladrey & Pullen, LLP                                               RMS
Certified Public Accuntants and Consultants                      International

                                                                July 1, 1997 

Securities and Exchange Commission 
Washington, DC  20549 

We were previously the independent accountants for Franklin Credit Management
Corporation, and on March 7, 1997, we reported on the consolidated financial
statements of Franklin Credit Management Corporation and subsidiaries as of and
for the two years ended December 31, 1996. On July 1, 1997, we were terminated
as independent accountants of Franklin Credit Management Corporation. 

We have read Franklin Credit Management Corporation's statements included under
Item 4 of its Form 8-K dated July 1, 1997, and we agree with such statements. 

                                                     McGladrey & Pullen, LLP 

                                                                      Worldwide
One Church Street                                                      Services
New Haven, Connecticut 06510-3330                                       Through
(203) 773-1909 FAX (203) 773-0591                             RMS International