UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A-1
CURRENT REPORT
Pursuant to Section 13 of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 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 August 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 August 15, 1996 and reflecting
the performance of the Trust during the Due Period
ended in July 1996, which will accompany the
distribution on August 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/Gary D. Farrar
Gary D. Farrar
Vice President, Administration
Date:August 15, 1996<PAGE>
EXHIBIT INDEX
Exhibit No.
21. Monthly Investor Certificateholders' Statement -
(August 15, 1996).
Exhibit 21
Sears Credit Account Master Trust I
Group 1 Monthly Certificateholders' Statement
Distribution Date: August 15, 1996
Due Period Ending: July, 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 $42.486111110 $0.819444440 $0.000000000
B.Trust Performance
1. Principal Receivables at the end of the Due Period
(a) Total Master Trust
Investor Interest $124,999,999.93
Seller Interest 1,136,598,829.89
-----------
TOTAL MASTER TRUST $1,261,598,829.82
(b) Investor Interest by Groups
Group 1 $124,999,999.93
----------- TOTAL
INVESTOR INTEREST BY GROUPS $124,999,999.93
0
(c) Group 1 Investor Interest
Series 1 $124,999,999.93
-----------
TOTAL GROUP 1 INVESTOR INTEREST $124,999,999.93
2. Invested Amounts
(a) Invested Amount by Groups
Group 1 $124,999,999.93
-----------
TOTAL INVESTED AMOUNT BY GROUPS $124,999,999.93
(b) Group 1 Invested Amount
Series 1 $124,999,999.93
-----------
TOTAL GROUP 1 INVESTED AMOUNT $124,999,999.93
3. Allocation of Receivables Collected During the Due Period
Finance Charge Principal
(a) Allocation of Collections by Group Collections Collections
Group 1 $20,351,059.90 $64,675,097.56
----------- -----------
TOTAL ALLOCATION BY GROUPS $20,351,059.90 $64,675,097.56
(b) Group 1 Allocations by Series to Investor and Seller
Investor Allocation
Series 1 $16,079,447.75 $51,100,033.96
----------- -----------
$16,079,447.75 $51,100,033.96
Seller Allocation $4,271,612.15 $13,575,063.60
----------- -----------
TOTAL GROUP 1 ALLOCATIONS $20,351,059.90 $64,675,097.56
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.
<PAGE>
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 $875,000,000.07
----------- -----------
TOTAL GROUP 1 $0.00 $0.00
7. Pool Factors
Group 1 This Due Period
Series 1 0.125000
-----------
TOTAL GROUP 1 0.125000
8. Investor Charged-Off Amount
Cumulative Investor Charge-
This Due Period Off Amount
Group 1
Series 1 $746,985.88 $746,985.88
----------- -----------
TOTAL GROUP 1 $746,985.88 $746,985.88
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 $277,777.78
-----------
TOTAL GROUP 1 $277,777.78
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 68.00%
4.Investor Excess Spread Analysis
$ % (1)
----------- -----------
Allocated Yield (2) $16,079,447.75 115.77%
Less:
Certificate Interest (3) $819,444.44 5.90%
Servicing Fees (4) $277,777.78 2.00%
Allocated Charge-Offs (5) $746,985.88 5.38%
----------- -----------
Subtotal $1,844,208.10 13.28%
Excess Spread $14,235,239.65 102.49%
(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: 6.61%
15.Summary Delinquency Aging Information
The aging of delinquent receivables is summarized
as follows (1):
July, 1996
Delinquencies as a % of balances
60 - 89 days past due.......... 1.51%
90 - 119 days past due......... 0.98%
120 days or more past due...... 1.77%
Total Delinquencies 4.26%
(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/ F. Sgaraglino___________
