UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 15, 1996
Sears Credit Account Master Trust I
(Exact name of registrant as specified in charter)
Illinois 33-41484-01 Not Applicable
(State of (Commission (IRS Employer
Organization) File Number) Identification No.)
c/o Sears Receivables Financing Group, Inc.
3711 Kennett Pike
Greenville, Delaware 19807
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (302) 888-3176
Former name, former address and former fiscal year, if changed
since last report: Not Applicable
<PAGE>
Item 5. Other Events
On May 15, 1996, Registrant made available the Monthly
Investor Certificateholders' Statement set forth as Exhibit 21.
Item 7. Financial Statements and Exhibits
21. Monthly Investor Certificateholders' Statement related
to the distribution of May 15, 1996 and reflecting the
performance of the Trust during the Due Period ended
in April 1996, which will accompany the distribution
on May 15, 1996.
<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 thereunto duly authorized.
Sears Credit Account Master Trust I
(Registrant)
By: Sears Receivables Financing Group, Inc.
(Originator of the Trust)
By: /S/Larry R. Raymond
Larry R. Raymond
Vice President, Finance
Date: May 15, 1996<PAGE>
EXHIBIT INDEX
Exhibit No.
21. Monthly Investor Certificateholders' Statement -
(May 15, 1996).
Exhibit 21
Sears Credit Account Master Trust I
Group 1 Monthly Certificateholders' Statement
Distribution Date: May 15, 1996 Due Period Ending:
April, 1996
Under the Series Supplements relating to the Pooling and Servicing
Agreement dated as of November 18,1992 by and among Sears Roebuck
and Co.,
Sears Receivables Financing Group, Inc. and First Trust of
Illinois,
National Associaton,as Trustee, the Trustee is required to prepare
certain
information each month regarding current distributions to
Certificateholders
and the performance of the Trust. The information for the Due
Period
and Distribution Date listed above is set forth below:
A.Payments to Group 1 Investors this Due Period (per $1,000 of
Original
Invested Principal)
Group 1 Total Interest
Principal
Series 0 $43.100694450 $1.434027780
$0.000000000
B.Trust Performance
1. Principal Receivables at the end of the Due Period
(a) Total Master Trust
Investor Interest
$249,999,999.94
Seller Interest
1,019,857,570.25
- -----------
TOTAL MASTER TRUST
$1,269,857,570.19
(b) Investor Interest by Groups
Group 1
$249,999,999.94
- -----------
TOTAL INVESTOR INTEREST BY GROUPS
$249,999,999.94
0
(c) Group 1 Investor Interest
Series 1
$249,999,999.94
- -----------
TOTAL GROUP 1 INVESTOR INTEREST
$249,999,999.94
2. Invested Amounts
(a) Invested Amount by Groups
Group 1
$249,999,999.94
- -----------
TOTAL INVESTED AMOUNT BY GROUPS
$249,999,999.94
(b) Group 1 Invested Amount
Series 1
$249,999,999.94
- -----------
TOTAL GROUP 1 INVESTED AMOUNT
$249,999,999.94
3. Allocation of Receivables Collected During the Due Period
Finance Charge
Principal
(a) Allocation of Collections by Group Collections
Collections
Group 1 $20,743,053.36
$71,815,788.69
-----------
- -----------
TOTAL ALLOCATION BY GROUPS $20,743,053.36
$71,815,788.69
(b) Group 1 Allocations by Series to Investor and Seller
Investor Allocation
Series 1 $16,182,970.76
$56,028,048.92
-----------
- -----------
$16,182,970.76
$56,028,048.92
Seller Allocation $4,560,082.60
$15,787,739.77
-----------
- -----------
TOTAL GROUP 1 ALLOCATIONS $20,743,053.36
$71,815,788.69
4. Information Concerning the Series Principal Funding Account
("SPFA")
Deposits into
the SPFA This
Group 1 Due Period Total Deposits
Investment Income
Series 1 N/A N/A
N/A
----------- -----------
- -----------
TOTAL GROUP 1 $0.00 $0.00
$0.00
* No Series has a Deficit Accumulation Amount.
5. Information Concerning the Series Interest Funding Account
("SIFA")
Deposits into
the SIFA
Group 1 This Due Period Total
Deposits
Series 1 NA
N/A
-----------
- -----------
TOTAL GROUP 1 $0.00
$0.00
6. Information Concerning Amount of Controlled Amortization
Payments
Total
Amount Paid
Payments Through
Group 1 This Due Period This
Due Period
Series 1 $41,666,666.67
$750,000,000.06
-----------
- -----------
TOTAL GROUP 1 $0.00
$0.00
7. Pool Factors
Group 1 This Due Period
Series 1 0.250000
-----------
TOTAL GROUP 1 0.250000
8. Investor Charged-Off Amount
Cumulative
Investor Charge-
This Due Period Off
Amount
Group 1
Series 1 $1,123,152.61
$1,123,152.61
-----------
- -----------
TOTAL GROUP 1 $1,123,152.61
$1,123,152.61
9. Investor Losses This Due Period
per
$1,000 of
Original Invested
Group 1 Total
Principal
Series 1 $0.00
$0.00
-----------
- -----------
TOTAL GROUP 1 $0.00
$0.00
10.Reimbursement of Investor Losses This Due Period
- not applicable since no Series experienced an Investor
Loss.
11.Aggregate Amount of Unreimbursed Investor Losses
- not applicable since no Series experienced an Investor
Loss.
12.Investor Monthly Servicing Fee Payable this Due Period
Group 1
Series 1
$486,111.11
- -----------
TOTAL GROUP 1
$486,111.11
13.Available Subordinated Amount at the end of the Due Period
as a
percentage of
Group 1 Total
Invested Amount
Series 1 $85,000,000.00
34.00%
14.Investor Excess Spread Analysis
$
% (1)
-----------
- -----------
Allocated Yield (2) $16,182,970.76
66.58%
Less:
Certificate Interest (3) $1,434,027.78
5.90%
Servicing Fees (4) $486,111.11
2.00%
Allocated Charge-Offs (5) $1,123,152.61
4.62%
-----------
- -----------
Subtotal $3,043,291.50
12.52%
Excess Spread $13,139,679.26
54.06%
(1) Annualized percentage of the Invested Amount at the
beginning of the related Due Period.
(2) See Section B3(b) above
(3) See Section A above
(4) See Section B12 above
(5) See Section B8 above
Note: Payment rate (aggregate collections/beg. receivables
balance) for the related Due Period:
7.11%
15.Summary Delinquency Aging Information
The aging of delinquent receivables is summarized
as follows (1):
April, 1996
Delinquencies as a % of balances
60 - 89 days past due.......... 1.44%
90 - 119 days past due......... 1.01%
120 days or more past due...... 1.83%
Total Delinquencies 4.28%
(1) An account is considered delinquent when it is past due a
total of
three or more scheduled monthly payments. Delinquencies
as of the
end of each month are divided by balances at the
beginning of
each such month.
FIRST TRUST OF ILLINOIS, NATIONAL ASSOCIATION
as Trustee
By: /S/G.M.Carroll
Title: Vice President
