Exhibit 99.3
Independent Accountants’ Report
The Board of Directors
HSBC Finance Corporation:
We have examined management’s assertion that the servicing of private label credit card receivables owned by HSBC Private Label Credit Card Master Note Trust (USA) I (the receivables) has been conducted by HSBC Finance Corporation, as Servicer, in compliance with the terms and conditions as set forth in Article III and Section 5.08 of the Amended and Restated Transfer and Servicing Agreement dated August 11, 2006 (the Agreement), as supplemented by the Series 2002-2 Series Supplement, as of and for the year ended December 31, 2006. HSBC Finance Corporation’s management is responsible for the assertion. Our responsibility is to express an opinion on management’s assertion based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence supporting that the servicing of receivables has been conducted in compliance with the terms and conditions as set forth in Article III and Section 5.08 of the Agreement, as supplemented, and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion.
In our opinion, management's assertion that the servicing of the receivables has been conducted by HSBC Finance Corporation, as Servicer, in compliance with the terms and conditions as set forth in Article III and Section 5.08 of the Amended and Restated Transfer and Servicing Agreement dated August 11, 2006, as supplemented, as of and for the year ended December 31, 2006 is fairly stated, in all material respects.
This report is intended solely for the information and use of the addressee and is not intended to be and should not be used by anyone other than this specified party.
/s/ KPMG LLP
Chicago, Illinois
March 5, 2007
Management Assertion
As of and for the year ended December 31, 2006, the servicing of private label credit card receivables owned by HSBC Private Label Credit Card Master Note Trust (USA) I has been conducted by HSBC Finance Corporation, as Servicer, in compliance with the terms and conditions as set forth in Article III and Section 5.08 of the Amended and Restated Transfer and Servicing Agreement dated August 11, 2006, as supplemented by the Series 2002-2 Series Supplement.
On behalf of the Servicer /s/ Joyce Bevacqua
Joyce Bevacqua
Servicing Officer
HSBC Finance Corporation
March 5, 2007
Date
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On behalf of HSBC Private Label Corporation, as subservicer for the Servicer /s/ Asim Majeed
Asim Majeed
Vice President and Chief Financial Officer and Treasurer
HSBC Private Label Corporation
March 5, 2007
Date
| /s/ Charles Colip
Charles Colip
Executive Vice President
HSBC Private Label Corporation
March 5, 2007
Date
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