UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~DISTRIBUTION~~For ~~REPORT~~the monthly ~~PURSUANT~~distribution TOperiod ~~SECTION~~from 13June 1, OR2010 ~~15(d)~~to OFJune 30, 2010

THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from May 1, 2010 to May 31, 2010

Commission File Number of issuing entity: 333-134419

HSBC Credit Card Master Note Trust (USA) I

(Exact name of issuing entity as specified in its charter)

Commission File Number of Depositor: 333-134419-01

HSBC Receivables Funding Inc. I

(Exact name of depositor as specified in its charter)

HSBC Finance Corporation

(Exact name of sponsor as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization of the issuing entity)

N/A

(I.R.S. Employer Identification Number of the Issuing Entities)

88-0471309

(I.R.S. Employer Identification Number of the Depositor)

c/o HSBC Finance Corporation Attn: Victoria F. Stach 26525 N. Riverwoods Blvd., Mettawa, Illinois (Address of Principal executive offices of the issuing entity) 60045 (Zip Code)

c/o HSBC Finance Corporation
Attn: Victoria F. Stach
26525 N. Riverwoods Blvd., Mettawa, Illinois		60045
(Address of Principal executive offices of the issuing entity)		(Zip Code)

224-544-2000 (Telephone number, including area code)

(Telephone number, including area code)

No Change

(Former name or former address, if changed since last report)

Registered/reporting pursuant to (check one)

	Registered/reporting pursuant to (check one)			Name of exchange
Title of class	Section 12(b)	Section 12(g)	Section 15(d)	(if Section 12(b)
Series 2007-1, Class A Notes	o	o	x
Series 2007-2, Class A Notes	o	o	x

Title of class	Section 12(b)	Section 12(g)	Section 15(d)	Name of exchange (if Section 12(b)
Series 2007-1, Class A Notes			X
Series 2007-2, Class A Notes			X
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 during the preceding 12 months (or 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 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 during the preceding 12 months (or 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 o

PART I - DISTRIBUTION INFORMATION Item 1. Distribution and Pool Performance Information. The information required by Item 1 is contained in Exhibit 99.1 and 99.2 attached hereto. PART II - OTHER INFORMATION Item 9. Exhibits.
Exhibit No.	Description
99.1	Series 2007-1 Monthly Servicing Statement for the Due Period ending May 31, 2010 and the related Distribution Date of June 15, 2010.
99.2	Series 2007-2 Monthly Servicing Statement for the Due Period ending May 31, 2010 and the related Distribution Date of June 15, 2010.

PART I - DISTRIBUTION INFORMATION

2Item 1. Distribution and Pool Performance Information.

~~SIGNATURES~~The information required by Item 1 is contained in Exhibit 99.1 and 99.2 attached hereto.

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.
Dated: June 29, 2010		HSBC FINANCE CORPORATION, as Servicer of and on behalf of HSBC CREDIT CARD MASTER NOTE TRUST (USA) I By: /s/ Mick Forde Name: Mick Forde Title: Senior Vice President, General Counsel-Treasury and Assistant Secretary
EXHIBIT INDEX
Exhibit No.	Description
99.1	Series 2007-1 Monthly Servicing Statement for the Due Period ending May 31, 2010 and the related Distribution Date of June 15, 2010.
99.2	Series 2007-2 Monthly Servicing Statement for the Due Period ending May 31, 2010 and the related Distribution Date of June 15, 2010.

PART II - OTHER INFORMATION

3Item 9. Exhibits.

Exhibit No.		Description

99.1		Series 2007-1 Monthly Servicing Statement for the Due Period ending June 30, 2010 and the related Distribution Date of July 15, 2010.

99.2		Series 2007-2 Monthly Servicing Statement for the Due Period ending June 30, 2010 and the related Distribution Date of July 15, 2010.

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.

	HSBC FINANCE CORPORATION, as Servicer of and on behalf of HSBC CREDIT CARD MASTER NOTE TRUST (USA) I

	By:	/s/ Mick Forde
	Name: Mick Forde
	Title: Senior Vice President, General Counsel-Treasury and Assistant Secretary

Dated: July 29, 2010

EXHIBIT INDEX

Exhibit No.		Description

99.1		Series 2007-1 Monthly Servicing Statement for the Due Period ending June 30, 2010 and the related Distribution Date of July 15, 2010.

99.2		Series 2007-2 Monthly Servicing Statement for the Due Period ending June 30, 2010 and the related Distribution Date of July 15, 2010.

Filing Compare · HSBC CREDIT CARD MASTER NOTE TRUST (USA) I