EXHIBIT 5.1

                               Opinion of Counsel

                   MELTZER, LIPPE, GOLDSTEIN & BREITSTONE, LLP
                                190 Willis Avenue
                                Mineola, NY 11501
                                 (516) 747-0300

                                                August 24, 2004

CreditRiskMonitor.com, Inc.
110 Jericho Turnpike, Suite 202
Floral Park, NY  11011

Ladies and Gentlemen:

      We refer to the Registration Statement on Form S-8 File No. 333-77727 (the
"Registration Statement"), as filed by you with the Securities and Exchange
Commission with respect to the registration under the Securities Act of 1933, as
amended (the "Act"), of 1,500,000 shares, $.01 par value per Share, of the
common stock (the "Shares") of CreditRiskMonitor.com, Inc., a Nevada corporation
(the "Company"), to be issued and sold by the Company pursuant to the provisions
of the 1998 Long-Term Incentive Plan, as amended from time to time, of the
Company for sale by the holders thereof.

      We are qualified to practice law in the State of New York. We express no
opinion as to, and, for the purposes of the opinion set forth herein, we have
conducted no investigation of, and do not purport to be qualified to opine on,
any laws other than the laws of the State of New York, Chapter 78 of the Nevada
Revised Statutes and the federal laws of the United States of America.

      We have examined such documents as we considered necessary for the
purposes of this opinion. Based on such examination, and assuming the accuracy
and completeness of all information supplied us by the Company, it is our
opinion that the Shares have been duly authorized, and, when issued upon
exercise of stock options or in connection with other awards granted under the
Plan, against receipt by the Company of any required payment therefor, will be
legally issued, fully paid and non-assessable under the laws of the State of
Nevada.

      We consent to the use of this opinion as an exhibit to the Registration
Statement.

                                Very truly yours,
                                Meltzer, Lippe, Goldstein & Breitstone, LLP


                                By: /s/ David I. Schaffer
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