UNITED STATES SECURITIES AND EXCHANGE COMMISSION

~~SECURITIES~~WASHINGTON, ~~AND~~D.C. ~~EXCHANGE COMMISSION~~20549

~~Washington, D.C. 20549~~_________________

FORM 8-K

CURRENT REPORT

~~Pursuant~~PURSUANT toTO ~~Section~~SECTION 13 orOR 15(dD) ~~of the Securities Exchange Act of 1934~~

~~Date~~OF ofTHE ~~Report~~SECURITIES ~~(Date~~EXCHANGE ofACT ~~earliest~~OF ~~event reported): June 25, 2007~~1934

~~HSBC~~Date ~~Receivables~~of ~~Funding~~Report ~~Inc.~~(Date Iof Earliest Event Reported) – January 2, 2009

~~(Exact name of the registrant as specified in its charter)~~_________________

Delaware		333-134419-01		88-0471289
(State or other jurisdiction of incorporation of registrant)		(Commission File Number of registrant)		(I.R.S. Employer Identification No. of registrant)
	1111 Town Center Drive Las Vegas, Nevada		89144
	(Address of principal executive offices of registrant)		Zip Code
	Registrant's telephone number, including area code (702) 243-1341
	Not Applicable
	(Former name or former address, if changed since last report)

HSBC CREDIT CARD MASTER NOTE TRUST (USA) I

~~Check~~(Exact ~~the~~name ~~appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation~~ of ~~the~~issuing ~~registrant~~entity ~~under~~as ~~any~~specified ofin ~~the~~its ~~following provisions (see General Instruction A.2.below~~charter):

Commission File Number: 333-134419-01

HSBC RECEIVABLES FUNDING INC. I

(Exact name of depositor as specified in its charter)

Commission File Number: 333-134419

DELAWARE

88-0471289

(State or other jurisdiction

of Incorporation of Depositor)

(IRS Employer Identification No.)

1111 Town Center Drive

Las Vegas, Nevada
(Address of principal executive

offices of Depositor)

89144
(Zip Code)

(702) 243-1341

(Depositor’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Solicitation material pursuant to Rule ~~14a-12~~14a12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act ~~(17 CFR 40.14d-2(b))~~

~~o Pre-commencement communications pursuant to Rule 13e-4~~(~~c) under the Exchange Act (~~17 CFR 240.~~13e~~24d-42(cb))

~~Item~~o ~~7.01~~Pre-commencement ~~Regulation~~communications FDpursuant ~~Disclosure.~~to Rule 13e-4(c) under the Exchange Act

At(17 ~~1:00~~CFR p240.~~m. EST on June 25, 2007, HSBC Receivables Funding Inc. I, a Delaware Corporation, the registrant and depositor identified in a registration statement on Form S~~13e-3 4(~~File No. 333-134419-01~~c) relating to the issuance of certain receivables asset-backed securities, held an investor conference call for certain investors providing general information concerning HSBC’s credit card (non-private label) ~~operations. A copy of the investor presentation which was provided via email transmission to the investors participating in the conference call is included in this Form 8-K as Exhibit 99.1~~

~~This~~Item ~~information~~8.01 ~~shall~~OTHER not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise incorporated by reference into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act except as otherwise expressly stated in such a filingEVENTS.

~~Item~~Effective ~~9.01~~on ~~Financial~~January ~~Statements~~1, ~~Pro~~2009, ~~Forma~~the ~~Financial~~Depositor ~~Information~~increased the Discount Percentage of all Principal Receivables from 3% to 6% in accordance with the terms and ~~Exhibits~~conditions of the Second Amended and Restated Transfer and Servicing Agreement, dated as of June 30, 2006, among the Depositor, HSBC Finance Corporation, as Servicer, and Wilmington Trust Company, not in its individual capacity but solely as owner trustee (“Owner Trustee”) of the Issuing Entity.

(a)	Financial Statements of Businesses Acquired. Not applicable.
(b)	Pro Forma Financial Information. Not applicable.
(c)	Shell Company Transactions. Not applicable.
(d)	Exhibits.
	Exhibit No.	Description
	99.1	Investor Presentation.

SIGNATURE

2Pursuant to the requirements of the Securities Exchange Act of 1934, the Depositor has duly caused this report to be signed on behalf of the undersigned hereunto duly authorized.

~~Signature~~HSBC RECEIVABLES FUNDING INC. I

~~Pursuant~~as ~~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.~~Depositor

~~HSBC RECEIVABLES FUNDING INC. I, registrant By: /s/ Steven H. Smith Name: Steven H. Smith Title: Vice President and Assistant Treasurer Dated: June 25, 2007~~(Registrant)

~~Exhibit~~By: ~~Index~~/s/ Cheryl F. Steffens

	Exhibit No.	Description
	99.1	Investor Presentation.

Name: Cheryl F. Steffens

3Title: Vice President and Assistant Treasurer

Dated: January 2, 2009

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