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): June 1, 2007

Discover Card Master Trust I

(Exact name of issuing entity as specified in charter)

Discover Bank

(Exact name of sponsor and depositor as specified in charter)

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 June 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 $35,297,014,676.51 as of May 31, 2007, and the total number of Accounts was 33,644,970. After giving effect to the Additional Accounts, the Receivables in the Accounts totaled $37,327,387,468.23 on the Addition Date, and the total number of Accounts was 35,037,145. After giving effect to the Additional Accounts, the average account balance was $2,478 (using 15,060,539 active accounts for which cardmembers had a balance, a monetary transaction or authorization within the past month) and the average credit limit was $8,848 on the Addition Date.

     We have set forth information below about the Accounts that are part of the Trust. Account information dated as of May 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 May 31, 2007, the following nine states had the largest Receivables balances and comprised over 50% of the Receivables:

	Percentage of
State	Total Receivables
California		9.4	%
Texas		8.6	%
New York		6.7	%
Florida		5.8	%
Illinois		5.6	%
Pennsylvania		4.9	%
Ohio		4.6	%
Michigan		3.7	%
New Jersey		3.5	%
Other States		47.2	%
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 May 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	$	4,416,340		11.9	%		8,577,050		24.5	%
$5,000.01 to $10,000.00	$	13,182,557		35.3	%		13,313,657		38.0	%
$10,000.01 to $15,000.00	$	15,165,721		40.6	%		11,694,527		33.4	%
Over $15,000.00	$	4,562,769		12.2	%		1,451,911		4.1	%
Total	$	37,327,387		100.0	%		35,037,145		100.0	%

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

	Receivables			Percentage					Percentage of
	Outstanding			of Total			Number of		Total
Account Balance	($000’s)			Receivables			Accounts		Accounts
Credit Balance	$	(34,919	)		-0.1	%		531,010		1.5	%
No Balance	$	—			0.0	%		21,023,646		60.0	%
$0.01 to $5,000.00	$	14,653,714			39.3	%		10,773,707		30.7	%
$5,000.01 to $10,000.00	$	14,594,042			39.1	%		2,059,067		5.9	%
$10,000.01 to $15,000.00	$	6,937,747			18.6	%		582,204		1.7	%
Over $15,000.00	$	1,176,803			3.1	%		67,511		0.2	%
Total	$	37,327,387			100.0	%		35,037,145		100.0	%

     Seasoning. As of May 31, 2007, 94.3%, of the Accounts were at least 24 months old. The ages of the Accounts as of May 31, 2007, were distributed as follows:

	Percentage of			Percentage of
Age of Accounts	Total Accounts			Total Receivables
Less than 12 Months		2.3	%		4.9	%
12 to 23 Months		3.4	%		4.8	%
24 to 35 Months		3.7	%		4.0	%
36 to 47 Months		3.1	%		3.0	%
48 to 59 Months		5.1	%		5.3	%
60 Months and Greater		82.4	%		78.0	%
Total		100.0	%		100.0	%

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

	Receivables		Percentage
	Outstanding		of Total
	($000’s)		Receivables
Total Receivables	$	37,327,387		100.00	%
Receivables Delinquent:
30 to 59 Days	$	350,566		0.94	%
60 to 89 Days	$	254,661		0.68	%
90 to 119 Days	$	215,434		0.58	%
120 to 149 Days	$	183,926		0.49	%
150 to 179 Days	$	174,405		0.47	%
Over 180 Days	$	—		0.00	%
Total Delinquent	$	1,178,992		3.16	%

			Percentage
	Number of		of Total
	Accounts		Accounts
Total Accounts		35,037,145		100.00	%
Accounts Delinquent:
30 to 59 Days		68,708		0.20	%
60 to 89 Days		44,035		0.13	%
90 to 119 Days		33,989		0.10	%
120 to 149 Days		27,998		0.08	%
150 to 179 Days		25,871		0.07	%
Over 180 Days		0		0.00	%
Total Delinquent		200,601		0.58	%

     Minimum Monthly Payment and Full Balance Payment Rates. Discover Bank calculates the monthly rate of cardmembers that made only the contractual monthly minimum payment due as a percentage of the total accounts as of the beginning of the month. Discover Bank calculates the monthly rate of cardmembers that paid their full balance due as a percentage of the total accounts as of the beginning of the month. The rates below are the average of monthly rates for the five months ended May 31, 2007.

	5 Months
	Ended
	May 31,
	2007
Minimum Monthly Payment Rate		4.32	%
Full Balance Payment Rate		14.43	%

     Balance Reductions. The accounts designated for the master trust may have balance reductions granted for a number of reasons, including merchandise refunds, returns, and fraudulent charges. As of the five months ended May 31, 2007, the average monthly balance reduction rate for the accounts designated for the master trust attributable to such returns and cardmember fraud was 0.59%.

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 & Co. Credit to determine the likelihood that credit users will pay their bills. Although Fair, Isaac & Co. Credit 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 & Co. Credit.

     FICO^®scores are based on independent, third-party information, the accuracy of which we cannot verify. Discover Bank does not use standardized credit scores, such as a FICO^®score, alone to determine the credit limit or other terms that are approved or applied 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 designated for 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 thereafter.

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

	Receivables
	Outstanding		Percentage of
FICO Credit Score Range	($000)		Total Receivables
No Score	$	368,682		0.99	%
Less than 600	$	4,227,117		11.32	%
600 to 659	$	5,382,142		14.42	%
660 to 719	$	11,937,625		31.98	%
720 and above	$	15,411,821		41.29	%
Total	$	37,327,387		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 June 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: June 6, 2007	By:	/s/ Michael F. Rickert
		Michael F. Rickert
		Vice President, Chief Financial Officer and Treasurer