HOUSEHOLD CREDIT CARD MASTER NOTE TRUST I
Not Applicable.
Not Applicable.
None.
Not Applicable.
The Servicer is not aware of any material pending legal proceedings involving either the Registrant, the Owner Trustee, the Indenture Trustee, the Transferor or the Servicer with respect to the Notes or the Registrant's property.
No vote or consent of the holders of the Notes (the "Noteholders") was solicited for any purpose during the year ended December 31, 2005.      PART II
To the best knowledge of the Servicer, there is no established public trading market for the Notes.  Each class of the Issuer's Notes that is publicly offered in the United States is represented by one or more notes registered in the name of Cede & Co. ("Cede"), the nominee of The Depository Trust Company ("DTC").
Not Applicable.
Not Applicable.
Not Applicable.
Not Applicable.
None.
Not Applicable.   PART III
Not Applicable.
Not Applicable.
Each class of the Issuer's Notes that is publicly offered in the United States is represented by one or more notes registered in the name of Cede, the nominee of DTC, and an investor holding an interest in such classes of notes is not entitled to receive a note representing such interest except in limited circumstances set forth in the indenture.  Accordingly, Cede is the sole holder of record of such notes, which it holds on behalf of brokers, dealers, banks and other direct participants in the DTC system.  Such direct participants may hold notes for their own accounts or for the accounts of their customers.  The name and address of Cede is Cede & Co., c/o The Depository Trust Company, 55 Water Street, New York, New York  10041.  The Servicer is not aware of any Schedules 13D or 13G filed with the Securities and Exchange Commission in respect of the Notes.
Not Applicable.
Not Applicable.      PART IV
(a) (1) Financial Statements  Not Applicable.  (a) (2) Financial Statement Schedules  Not Applicable.  (a) (3)  The Servicer is obligated to prepare an Annual Statement to Noteholders for the year ended December 31, 2005, and Independent Registered Public Accountants are required to prepare an annual servicing report pertaining to the compliance of the Servicer with its servicing obligations pursuant to the Agreement.  Copies of said documents are filed as exhibits to this Form 10-K.  (b)  The exhibits required by Item 601 of Regulation S-K (Section 229.601):      Exhibit 99(a)  Annual Statement to Noteholders for the year ended December 31, 2005 for Series 2001-1 Asset Backed Notes.   Exhibit 99(b)  Independent Registered Public Accountants' Report dated March 1, 2006 for Series 2001-1 Asset Backed Notes.   Exhibit 99(c)  Annual Servicer's Certificate dated March 1, 2006.    (c)  The financial statement schedules required by Regulation S-X (17 CFR 210) which are excluded from the annual report to the shareholders by Rule 14a-3(b).  Not Applicable.             SIGNATURES      Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Servicer has duly caused this report to be signed on behalf of the Household Credit Card Master Note Trust I by the undersigned, thereunto duly authorized.       HSBC FINANCE CORPORATION,  as Servicer of and on behalf of the HOUSEHOLD CREDIT CARD MASTER NOTE TRUST I  (Registrant)       By: /s/ Dennis J. Mickey Dennis J. Mickey Vice President and Assistant Treasurer   Dated:  March 29, 2006           Certification  I, Dennis J. Mickey, certify that:   I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Household Credit Card Master Note Trust I ; Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report; Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement for inclusion in these reports is included in these reports; I am responsible for reviewing the activities performed by the servicer under the pooling and servicing, or similar, agreement and based upon my knowledge and the annual compliance review required under that agreement,  and except as disclosed in the reports, the servicer has fulfilled its obligations under that agreement; and The reports disclose all significant deficiencies relating to the servicer's compliance with the minimum servicing standards based upon the report provided by an independent registered public accounting firm, after conducting a review of such standards performed in accordance with certain agreed upon procedures as set forth in the pooling and servicing, or similar, agreement, that is included in these reports.  In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: Wells Fargo Bank Minnesota, N.A. and The Depository Trust Company.   Date:  March 29, 2006   /s/ Dennis J. Mickey Dennis J. Mickey Vice President and Assistant Treasurer                    Exhibit Index      Exhibit No.  Exhibit   Exhibit 99(a)   Annual Statement to Noteholders for the year ended December 31, 2005 for Series 2001-1 Asset Backed Notes.   Exhibit 99(b)  Independent Registered Public Accountants' Report dated March 1, 2006 for Series 2001-1 Asset Backed Notes.   Exhibit 99(c)  Annual Servicer's Certificate dated March 1, 2006.        EX-99 2 x99a.htm          Exhibit 99(a)    HSBC Finance Corporation Household Receivables Funding, Inc. III Household Credit Card Master Note Trust I, Series 2001-1           Original Class A Principal  827,500,000.00    Number of Class A Bonds (000's)  827,500.00    Original Class B Principal  72,500,000.00    Number of Class B Bonds (000's)  72,500.00            Distribution Date   2005 Total       CLASS A     Class A Principal Distribution   0.00   Class A Interest Distribution   28,159,645.48           CLASS B     Class B Principal Distribution   0.00   Class B Interest Distribution   2,680,329.40        EX-99 3 x99b.htm      Exhibit 99(b) Independent Accountants' Report The Board of Directors HSBC Finance Corporation: We have examined management's assertion that the servicing of credit card receivables owned by Household Credit Card Master Note Trust I, Series 2001-1 (the receivables) has been conducted by HSBC Finance Corporation, successor by merger to Household 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 November 16, 2000 (the Agreement), as supplemented, as of and for the year ended December 31, 2005. 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, successor by merger to Household 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 November 16, 2000, as supplemented, as of and for the year ended December 31, 2005 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 March 1, 2006    Management Assertion    As of and for the year ended December 31, 2005, the servicing of credit card receivables owned by Household Credit Card Master Note Trust I has been conducted by HSBC Finance Corporation, successor by merger to Household Finance Corporation, as Servicer, in compliance with the terms and conditions as set forth in Articles III and Section 5.08 of the Amended and Restated Transfer and Servicing Agreement dated November 16, 2000, as supplemented by the Series 2001-1 Series Supplement.        /s/ Joyce Bevacqua Joyce Bevacqua  Servicing Officer HSBC Finance Corporation       March 1, 2006 Date          /s/ Mike Reeves  Mike Reeves Chief Financial Officer- HSBC Finance Corporation - Credit Card Services       March 1, 2006 Date         EX-99 4 x99c.htm      Exhibit 99(c) ANNUAL STATEMENT AS TO COMPLIANCE  HSBC FINANCE CORPORATION  HOUSEHOLD RECEIVABLES FUNDING, INC. III  HOUSEHOLD CREDIT CARD MASTER NOTE TRUST I ________________________________________________________     I, Joyce A. Bevacqua, Servicing Officer of HSBC Finance Corporation (successor by merger to Household Finance Corporation), as Servicer, DO HEREBY CERTIFY, in accordance with Section 3.09 of the Master Indenture dated as of September 25, 2000 (as amended and restated, the "Indenture") among Wilmington Trust Company, as Trustee, Household Credit Card Master Note Trust I, (the "Issuer") and Wells Fargo Bank, National Association (as successor by merger to Wells Fargo Bank Minnesota, National Association), as Indenture Trustee, that:     1.  A review of the activities of the Issuer from January 1 through December 31, 2005 and of performance under the Indenture has been made under my supervision; and    2.  To the best of my knowledge, based on my review, the Issuer has complied with all material conditions and covenants under the Indenture throughout such year. Based on such review, the Issuer has, to the best of my knowledge, performed in all material respects its obligations under the Indenture throughout such year and no default in the performance of such obligations has occurred or is continuing except as set forth below.      NONE      IN WITNESS WHEREOF, I have signed this certificate this 1st day of March, 2006.              HSBC Finance Corporation, as Servicer   /s/ J. A. Bevacqua J. A. Bevacqua Servicing Officer               ANNUAL STATEMENT AS TO COMPLIANCE  HSBC FINANCE CORPORATION  HOUSEHOLD RECEIVABLES FUNDING, INC. III  HOUSEHOLD CREDIT CARD MASTER NOTE TRUST I ________________________________________________________   I, Joyce A. Bevacqua, Servicing Officer of HSBC Finance Corporation (successor by merger to Household Finance Corporation) (the "Servicer "), DO HEREBY CERTIFY, in accordance with the Transfer and Servicing Agreement dated as of September 25, 2000 (as amended and supplemented), by and among Household Receivables Funding, Inc. III, as Transferor, the Servicer, and Household Credit Card Master Note Trust I, as Issuer, (the "Agreement") that:    1.  HSBC Finance Corporation is, as of the date hereof, the Servicer under the Agreement.  Capitalized terms used in this Certificate have their respective meanings as set forth in the Agreement.    2.  The undersigned is a Servicing Officer who is duly authorized pursuant to the Agreement to execute and deliver this Certificate to the Trust.    3.  A review of the activities of the Servicer from January 1 through December 31, 2005 and of its performance under the Agreement has been made under my supervision.    4.  Based on such review, the Servicer has, to the best of my knowledge, performed in all material respects its obligations under the Agreement throughout such year and no default in the performance of such obligations has occurred or is continuing except as set forth in paragraph 5 below.    5.  The following is a description of each default in  the performance of the Servicer's obligations under the provisions of the Agreement known to me to have been made by the Servicer during the calendar year ended December 31, 2005, which sets forth in detail (i) the nature of each such default, (ii) the action taken by the Servicer, if any, to remedy each such default and (iii) the current status of each such default:      NONE     IN WITNESS WHEREOF, I have signed this certificate this 1st day of March, 2006.    HSBC Finance Corporation, as Servicer   /s/ J. A. Bevacqua J. A. Bevacqua Servicing Officer      -----END PRIVACY-ENHANCED MESSAGE-----