|SECURITIES AND EXCHANGE COMMISSION


WASHINGTON, D.C. 20549


FORM 10-K/A
|-------------------------------------------------------------------------

|[X] |  | ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934,
AS AMENDED [FEE REQUIRED]
|--- |  | ---------------------------------------------------------------------------------------------------------------

|For the fiscal year ended December 31, 1999


OR
|------------------------------------------------

|[_] |  | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934,
AS AMENDED [NO FEE REQUIRED]
|--- |  | ----------------------------------------------------------------------------------------------------------------------

| | For the transition period from __________ to __________
| | -------------------------------------------------------

|Commission File Number 000-21735


CREDIT MANAGEMENT SOLUTIONS, INC.(Exact Name of Registrant as Specified in Its Charter)
|--------------------------------------------------------------------------------------------------------------------------

|Delaware
(State or Other Jurisdiction of
Incorporation or Organization) | 52-1549401
(I.R.S. Employer Identification No.)
|----------------------------------------------------------------------- | -----------------------------------------------

|135 National Business Parkway, Annapolis Junction, MD
(Address of Principal Executive Offices) | 20701
(Zip Code)
|---------------------------------------------------------------------------------------------- | ----------------

|(Registrants Telephone Number, Including Area
Code) (301) 362-6000


SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF
THE ACT: None


SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF
THE ACT:
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Title of each class           | Name of each exchange on which registered
|----------------------------- | -----------------------------------------
|Common Stock, $0.01 par value |                                          

|Indicate by check mark whether the registrant: (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934, as amended, during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes [X] No [_]


Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrants knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. [_]


At March 23, 2000, Credit Management Solutions, Inc. had
7,816,559 shares of Common Stock, par value $0.01, outstanding.


While it is difficult to determine the number of shares owned by
non-affiliates, the registrant estimates that the aggregate market value of
outstanding Common Stock on March 23, 2000 (based upon the average bid and asked
prices of such Common Stock on the Nasdaq National Market on March 23, 2000)
held by non-affiliates was approximately $34.1 million. For this computation,
the registrant has excluded the market value of all shares of its Common Stock
reported as beneficially owned by officers, directors and certain significant
stockholders of the registrant. Such exclusion shall not be deemed to constitute
an admission that any such stockholder is an affiliate of the registrant.


Documents Incorporated by Reference


Items 10, 11, 12 and 13 of Part III of this Form 10-K are
incorporated by reference from the registrants definitive Proxy Statement
to be furnished to stockholders in connection with the 2000 Annual Meeting of
Stockholders. This Proxy Statement will be filed with the Securities and
Exchange Commission pursuant to Regulation 14A promulgated under the Securities
Exchange Act of 1934, as amended, not later than April 29, 2000.



This Form 10-K/A of Credit Management Solutions, Inc., a
Delaware company, is being filed in order to add an electronic copy of an
exhibit previously filed in paper format pursuant to a temporary hardship
exemption.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|PART IV


Item 14. Exhibits, Financial Statement Schedules
and Reports on Form 8-K
|----------------------------------------------------------------------------------

| |  |  |  | Page Number
| |  |  |  | -----------

| | (a) |  | Index
to Consolidated Financial Statements | 
| | --- |  | ------------------------------------------ | 

| |  |  | Index | F-1
| |  |  | ----- | ---

| |  |  | Report of Independent Auditors | F-2
| |  |  | ------------------------------ | ---

| |  |  | Consolidated Balance Sheets as of December 31, 1999 and 1998 | F-3
| |  |  | ------------------------------------------------------------ | ---

| |  |  | Consolidated Statements of Operations for the years ended December 31, 1999,
1998 and 1997 | F-4
| |  |  | ------------------------------------------------------------------------------------------ | ---

| |  |  | Consolidated Statements of Shareholders Equity (Deficit) for the years ended
December 31, 1999, 1998 and 1997 | F-5
| |  |  | -------------------------------------------------------------------------------------------------------------- | ---

| |  |  | Consolidated Statements of Cash Flows for the years ended December 31,
1999, 1998 and 1997 | F-6
| |  |  | ------------------------------------------------------------------------------------------ | ---

| |  |  | Notes to Consolidated Financial Statements | F-7
| |  |  | ------------------------------------------ | ---

| | (b) |  | Financial
Statement Schedules | 
| | --- |  | ----------------------------- | 

| |  |  | All schedules
for which provision is made in the applicable accounting regulations of the
Securities and Exchange Commission are not required under The related
instruction or are inapplicable and therefore have been omitted. | 
| |  |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | (c) |  | Reports
on Form 8-K | 
| | --- |  | ------------------- | 

| |  |  | None | 
| |  |  | ---- | 

| | (d) |  | Exhibits | 
| | --- |  | -------- | 

| |  |  | 3.1 | Certificate of Incorporation of the
Company*
| |  |  | --- | --------------------------------------------

| |  |  | 3.2 | Bylaws of the Company*
| |  |  | --- | ----------------------

| |  |  | 4.1 | Specimen certificate for Common Stock
of the Company*
| |  |  | --- | -----------------------------------------------------

| |  |  | 4.2 | See Exhibits 3.1 and 3.2 for provisions
of the Certificate of Incorporation and Bylaws of the Company defining rights
of holders of Common Stock of the Company
| |  |  | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | 10.1 | Form of Project Commencement Agreement*
| |  |  | ---- | ---------------------------------------

| |  |  | 10.2 | Form of Software License Agreement*
| |  |  | ---- | -----------------------------------

| |  |  | 10.3 | Form of Software Maintenance Agreement*
| |  |  | ---- | ---------------------------------------

| |  |  | 10.4 | Form of Professional Services Agreement*
| |  |  | ---- | ----------------------------------------

| |  |  | 10.5 | Form of CreditConnection Lender
Agreement (for CreditRevue Licensees)*
| |  |  | ---- | ----------------------------------------------------------------------

| |  |  | 10.6 | Form of CreditConnection Lender
Agreement (for non-CreditRevue Licensees)*
| |  |  | ---- | --------------------------------------------------------------------------

| |  |  | 10.7 | Form of CreditConnection Dealer
Subscription Agreement*
| |  |  | ---- | -------------------------------------------------------

| |  |  | 10.8.1 | Office Building Lease between Symphony
Woods Limited Partnership and the Company dated October 29, 1993*
| |  |  | ------ | --------------------------------------------------------------------------------------------------------

| |  |  | 10.8.2 | Office Building Lease between Symphony
Woods Limited Partnership and the Company dated February 10, 1995*
| |  |  | ------ | ---------------------------------------------------------------------------------------------------------

|
|

| |  |  | 10.8.3 | First Amendment to Lease dated March
29, 1995*
| |  |  | ------ | ----------------------------------------------

| |  |  | 10.8.4 | Second Amendment to Lease dated August
12, 1996*
| |  |  | ------ | ------------------------------------------------

| |  |  | 10.8.5 | 135 National Business Parkway Lease between Constellation Real Esate, Inc.
and the Company, dated April 27, 1998***
| |  |  | ------ | -------------------------------------------------------------------------------------------------------------------

| |  |  | 10.8.6 | First Amendment of 135 National Business Parkway Lease, dated December 23, 1998***
| |  |  | ------ | ----------------------------------------------------------------------------------

| |  |  | 10.9 | Promissory Note dated December 31, 1995
given by the Company to James R. DeFrancesco*
| |  |  | ---- | -------------------------------------------------------------------------------------

| |  |  | 10.10 | Business Loan Agreement between The
Columbia Bank and the Company dated June 10, 1994*
| |  |  | ----- | --------------------------------------------------------------------------------------

| |  |  | 10.11 | 1996 Credit Management Solutions, Inc.
Non-Qualified Stock Option Plan*
| |  |  | ----- | -----------------------------------------------------------------------

| |  |  | 10.12 | 1996 Credit Management Solutions, Inc.
Employee Stock Purchase Plan*
| |  |  | ----- | --------------------------------------------------------------------

| |  |  | 10.13 | 1996 Credit Management Solutions, Inc.
Long-Term Incentive Plan*
| |  |  | ----- | ----------------------------------------------------------------

| |  |  | 10.14 | Form of Tax Indemnification Agreement*
| |  |  | ----- | --------------------------------------

| |  |  | 10.15 | 1996 Credit Management Solutions, Inc.
Non-Qualified Stock Option Plan
| |  |  | ----- | ----------------------------------------------------------------------

| |  |  | 10.16 | 1997 Credit Management Solutions, Inc.
Stock Incentive Plan**
| |  |  | ----- | -------------------------------------------------------------

| |  |  | 23 | Consent of Independent Auditors
| |  |  | -- | -------------------------------

| |  |  | 27 | Financial Data Schedule
| |  |  | -- | -----------------------

______________

|* |  | Incorporated
by reference to the Exhibits filed with the Companys Registration Statement on
Form S-1, File No. 333-14007.
|- |  | --------------------------------------------------------------------------------------------------------------------------

|** |  | Incorporated
by reference to the Companys 1997 Proxy Statement, file no. 000-21735
|-- |  | -----------------------------------------------------------------------------------

|*** |  | Filed herewith pursuant to Rule 201 of Regulation S-T.
|--- |  | ------------------------------------------------------

|SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.


Credit Management Solutions, Inc.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|By: | /s/ Scott L. Freiman 
Scott L. Freiman
President and Chief Executive Officer
(Principal Executive Officer) | April 7, 2000 | 
|--- | -------------------------------------------------------------------------------------------------------------------- | ------------- | 

|Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on behalf of
the registrant and in the capacities and on the dates indicated.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|By: | /s/ John J. McDonnell, Jr. 
John J. McDonnell, Jr.
Chairman of the Board of Directors | April 7, 2000 | 
|--- | ----------------------------------------------------------------------------------------------- | ------------- | 

|By: | /s/ Scott L. Freiman  
Scott L. Freiman
President,  Chief Executive Officer and
Director (Principal Executive Officer) | April 7, 2000 | 
|--- | -------------------------------------------------------------------------------------------------------------------------------- | ------------- | 

|By: | /s/ Miles H. Grody 
Miles H. Grody
Senior Vice President and Director | April 7, 2000 | 
|--- | ------------------------------------------------------------------------------- | ------------- | 

|By: | /s/ Robert P. Vollono 
Robert P. Vollono
Senior Vice President, Treasurer,
Chief Financial Officer and
Director (Principal Financial and Accounting
Officer) | April 7, 2000 | 
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------- | 

|By: | /s/ Stephen X. Graham 
Stephen X. Graham
Director | April 7, 2000 | 
|--- | ----------------------------------------------------------- | ------------- | 

|By: | /s/ James R. DeFrancesco 
James R. DeFrancesco
Director | April 7, 2000 | 
|--- | ----------------------------------------------------------------- | ------------- |