Discover Card Master Trust I 8-K Securities Act Updating Disclosure

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 1, 2007

Discover Card Master Trust I

(Exact name of registrant as specified in charter)

Discover Bank

(as sponsor and depositor under the Amended and Restated Pooling and Servicing Agreement, dated as of November 3, 2004, as amended, providing for the issuance of Credit Card Pass-Through Certificates)

Delaware	000-23108	51-0020270
(State of Organization)	(Commission File Number)	(IRS Employer Identification No.)

c/o Discover Bank 12 Read’s Way New Castle, Delaware	19720
(Address of principal executive offices)	(Zip Code)

Registrant’s Telephone Number, including area code: (302) 323-7434

Former name or former address, if changed since last report: Not Applicable

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:

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

o Soliciting material pursuant to Rule 14a-12 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 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 6.05Securities Act Updating Disclosure

     As of February 1, 2007 (the “Addition Date”), Discover Bank, on behalf of the holder of the Seller Certificate, designated certain Discover Card accounts (the “Additional Accounts”) originated by Discover Bank to be added to Discover Card Master Trust I (the “Trust”) as Accounts pursuant to Section 2.10(b) of the Amended and Restated Pooling and Servicing Agreement, dated as of November 3, 2004, as amended (the “Pooling and Servicing Agreement”), between Discover Bank, as Master Servicer, Servicer and Seller and U.S. Bank National Association as Trustee. Capitalized terms used in this Item 6.05 and not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

     The Additional Accounts were selected in a random manner intended to produce a representative sample of all Discover Card accounts not segregated from the Discover Card portfolio as of the Addition Date. Before giving effect to the Additional Accounts, the Receivables in the Accounts totaled $33,701,400,753.71 as of January 31, 2007, and the total number of Accounts was 32,655,337. After giving effect to the Additional Accounts, the Receivables in the Accounts totaled $36,706,862,706.89 on the Addition Date, and the total number of Accounts was 34,813,413. After giving effect to the Additional Accounts, the average account balance was $2,443 (using 15,023,009 active accounts for which cardmembers had a balance, a monetary transaction or authorization within the past month) and the average credit limit was $8,867 on the Addition Date.

     We have set forth information below about the Accounts that are part of the Trust. Account information dated as of January 31, 2007, includes the Additional Accounts to the extent applicable.

     Geographic Distribution.The Accounts that are part of the Trust are not highly concentrated geographically. As of January 31, 2007, the following nine states had the largest Receivables balances and comprised over 50% of the Receivables:

	Percentage of
State	Total Receivables
California		9.3	%
Texas		8.8	%
New York		6.8	%
Florida		5.8	%
Illinois		5.7	%
Pennsylvania		4.9	%
Ohio		4.6	%
Michigan		3.7	%
New Jersey		3.5	%
Other States		46.9	%
Total		100.0	%

     Since the largest amounts of outstanding Receivables were with cardholders’ whose billing addresses were in California, Texas, New York, Florida, Illinois, Pennsylvania, Ohio, Michigan and New Jersey, adverse changes in the business or economic conditions in these states could have an adverse effect on the performance of the receivables.

     Credit Limit Information.As of January 31, 2007, the Accounts had the following credit limits:

	Receivables		Percentage					Percentage of
	Outstanding		of Total			Number of		Total
Credit Limit	($000’s)		Receivables			Accounts		Accounts
Less than or equal to $5,000.00	$	4,479,859		12.2	%		8,491,331		24.4	%
$5,000.01 to $10,000.00	$	12,984,692		35.4	%		13,143,202		37.8	%
$10,000.01 to $15,000.00	$	14,876,571		40.5	%		11,768,718		33.8	%
Over $15,000.00	$	4,365,741		11.9	%		1,410,162		4.0	%
Total	$	36,706,863		100.0	%		34,813,413		100.0	%

     Account Balance Information. As of January 31, 2007, the Accounts had the following balances:

	Receivables			Percentage
	Outstanding			of Total			Number of		Percentage of
	($000’s)			Receivables			Accounts		Total Accounts
Credit Balance	$	(39,746	)		-0.1	%		541,197		1.6	%
No Balance	$	—			0.0	%		20,939,204		60.2	%
$0.01 to $5,000.00	$	14,420,738			39.3	%		10,667,943		30.6	%
$5,000.01 to $10,000.00	$	14,368,569			39.1	%		2,026,975		5.8	%
$10,000.01 to $15,000.00	$	6,806,806			18.6	%		571,936		1.6	%
Over $15,000.00	$	1,150,496			3.1	%		66,158		0.2	%
Total	$	36,706,863			100.0	%		34,813,413		100.0	%

     Seasoning.As of January 31, 2007, 95.0%, of the Accounts were at least 24 months old. The ages of the Accounts as of January 31, 2007 were distributed as follows:

	Percentage of			Percentage of
Age of Accounts	Total Accounts			Total Receivables
Less than 12 Months		2.1	%		4.9	%
12 to 23 Months		2.9	%		3.9	%
24 to 35 Months		3.3	%		3.3	%
36 to 47 Months		3.3	%		3.2	%
48 to 59 Months		5.2	%		5.4	%
60 Months and Greater		83.2	%		79.3	%
Total		100.0	%		100.0	%

     Delinquency Information.As of January 31, 2007, the Accounts in the trust had the following delinquency statuses:

	Receivables
	Outstanding		Percentage
	($000’s)		of Total Receivables
Total Receivables	$	36,706,863		100.00	%
Receivables Delinquent:
30 to 59 Days	$	386,714		1.05	%
60 to 89 Days	$	275,920		0.75	%
90 to 119 Days	$	232,844		0.64	%
120 to 149 Days	$	214,912		0.59	%
150 to 179 Days	$	191,492		0.52	%
Over 180 Days	$	—		0.00	%
Total Delinquent	$	1,301,882		3.55	%

			Percentage of Total
	Number of Accounts		Accounts
Total Accounts		34,813,413		100.00	%
Accounts Delinquent:
30 to 59 Days		77,100		0.22	%
60 to 89 Days		48,745		0.14	%
90 to 119 Days		38,210		0.11	%
120 to 149 Days		33,669		0.10	%
150 to 179 Days		29,191		0.08	%
Over 180 Days		0		0.00	%
Total Delinquent		226,915		0.65	%

Distribution of the Accounts by FICO Score

     FICO Credit Score Information. A FICO score is a measurement derived from a proprietary credit scoring method owned by Fair, Isaac & Company to determine the likelihood that credit users will pay their bills. Although Fair, Isaac & Company discloses only limited information about the variables it uses to assess credit risk, those variables likely include, but are not limited to, debt level, credit history, payment patterns (including delinquency experience), and level of utilization of available credit. FICO scores for any one individual may be determined by up to three independent credit bureaus. In determining whether to grant credit to a potential account holder, Discover Bank uses a FICO score as reported by one particular credit bureau. Therefore, certain FICO scores for an individual account holder based upon information collected by other credit bureaus could be different from the FICO score used by Discover Bank. FICO scores of an individual may change over time, depending on the conduct of the individual, including the individual’s usage of his or her available credit, and changes in credit score technology used by Fair, Isaac & Company.

     FICO scores are based on independent, third-party information, the accuracy of which we cannot verify. Discover Bank does not usestandardizedcredit scores, such as a FICO score, alone to determine the credit limit or other terms that should be approved on an account. Rather, a FICO score is one of many factors used by Discover Bank to assess an individual’s credit and default risk prior to initially approving an account or changing the terms of an account. To the extent available, FICO scores are generally obtained at origination of the account and monthly or quarterly thereafter. Because the composition of the accounts in the trust may change over time, this table is not necessarily indicative of FICO scores at origination of the accounts or the composition of the accounts in the trust at any specific time in the future.

     As of January 31, 2007, the Accounts had the following FICO scores:

	Receivables
	Outstanding		Percentage of
FICO Credit Score Range	($000)		Total Receivables
No Score	$	405,740		1.10	%
Less than 600	$	4,353,595		11.86	%
600 to 659	$	5,354,806		14.59	%
660 to 719	$	11,852,029		32.29	%
720 and above	$	14,740,693		40.16	%
Total	$	36,706,863		100.00	%

     Performance information, such as summary yield, charge-offs and payment rate is not available for the Additional Accounts prior to the Addition Date. The performance information for the Accounts in the Trust, including the Additional Accounts, will be made available in connection with the Trust’s Form 10-D filings, beginning with the February 2007 distribution period.

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.

Discover Card Master Trust I (Registrant)
By:	Discover Bank
	(Depositor)

Date: February 5, 2007	By:	/s/ Michael F. Rickert
		Michael F. Rickert
		Vice President, Chief Financial Officer and Treasurer