SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.  20549

                                FORM 10-K

X         ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                     SECURITIES EXCHANGE ACT OF 1934

                                   OR

[]       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                     SECURITIES EXCHANGE ACT OF 1934

               For the fiscal year ended December 31, 1995

                   Commission file number 33-41484-01

      
                   SEARS CREDIT ACCOUNT MASTER TRUST I
         (Exact name of registrant as specified in its charter)

      Illinois                                  Not Applicable
(State of Organization)             (I.R.S. Employer 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

Securities registered pursuant to Section 12(b) of the Act:

                                                Name of each exchange 
      Title of each class                       on which each class 
      to be so registered                       is to be registered

            None                                   Not Applicable

Securities registered pursuant to Section 12(g) of the Act:

             5.90% Series 1992-1 Master Trust Certificates 
                            (Title of Class)

Registrant (1) has filed all reports required to be filed by Section 13
or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months and (2) has been subject to such filing requirements for the past
90 days.

                        Yes  x            No





                                 PART I


Item 1.     Business

      The Sears Credit Account Master Trust I (the "Trust") was formed
pursuant to the Pooling and Servicing Agreement dated as of November 18,
1992 (the "Pooling and Servicing Agreement") among Sears, Roebuck and
Co. ("Sears") as Servicer, its wholly-owned subsidiary, Sears
Receivables Financing Group, Inc. ("SRFG") as Seller, and Bank of
America Illinois as trustee (the "Trustee").  The Trust's only business
is to act as a passive conduit to permit investment in a pool of retail
consumer receivables.

Item 2.     Properties

      The property of the Trust includes a portfolio of receivables (the
"Receivables") arising in selected accounts under open-end credit plans
of Sears (the "Accounts") and all monies received in payment of the
Receivables.  At the time of the Trust's formation, Sears sold and
contributed to SRFG, which in turn conveyed to the Trust, all
Receivables existing under the Accounts as of the end of certain of
Sears regular billing cycles ending in May and November, 1991 and all
Receivables arising under the Accounts from time to time thereafter
until the termination of the Trust. Information related to the
performance of the Receivables during 1995 is set forth in the ANNUAL
STATEMENT filed as Exhibit 21 to this Annual Report on Form 10-K.

Item 3.     Legal Proceedings

      None

Item 4.     Submission of Matters to a Vote of Security Holders

      None


                                 PART II


Item 5.     Market for Registrant's Common Equity and Related
            Stockholder Matters

      Investor Certificates are held and delivered in book-entry form
through the facilities of The Depository Trust Company ("DTC"), a
"clearing agency" registered pursuant to the provisions of Section 17A
of the Securities Exchange Act of 1934, as amended.  The sole definitive
Investor Certificate is held by CEDE and Co., the nominee of DTC.

Item 9.     Changes in and Disagreements with Accountants on Accounting
            and Financial Disclosure

      None

                                PART III


Item 12.    Security Ownership of Certain Beneficial Owners and
            Management

      As of March 15, 1996, 100% of the Investor Certificates were held
in the nominee name of CEDE and Co. for beneficial owners.

      SRFG, as of March 15, 1996, owned 100% of the Seller Certificate,
which represented beneficial ownership of a residual interest in the
assets of the Trust as provided in the Pooling and Servicing Agreement.

Item 13.    Certain Relationships and Related Transactions

      None


                                 PART IV


Item 14.    Exhibits, Financial Statement Schedules, and Reports on Form
            8-K

            (a)   Exhibits:

                  21.         1995 ANNUAL STATEMENT prepared by the
                              Servicer.

                  28.         ANNUAL INDEPENDENT ACCOUNTANTS' REPORTS
                              pursuant to Section 3.06 of the Pooling
                              and Servicing Agreement.

                              (a)   Agreed Upon Pricedures Letter.

                              (b)   Annual Servicing Letter.

            (b)   Reports on Form 8-K:

                  Current reports on Form 8-K are filed on or before the
                  Distribution Date each month (on, or the first
                  business day after, the 15th of the month).  The
                  reports include as an exhibit, the MONTHLY INVESTOR
                  CERTIFICATEHOLDERS' STATEMENT.  Current Reports on
                  Form 8-K were filed on October 16, 1995, November 15,
                  1995, and December 15, 1995.
<PAGE>
                               SIGNATURES

      Pursuant to the requirements of Section 13 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:                                          
                              Larry R. Raymond
                              Vice President, Finance



Dated:  March 28, 1996

<PAGE>
                                EXHIBIT INDEX

                                                      


Exhibit No.                                            

      21.   1995 ANNUAL STATEMENT prepared by the
            Servicer.

      28.   ANNUAL INDEPENDENT ACCOUNTANTS' REPORTS
            pursuant to Section 3.06 of the Pooling
            and Servicing Agreement.

            (a)  Agreed Upon Procedures Letter.

            (b)  Annual Servicing Letter.
<PAGE>
                               SIGNATURES

      Pursuant to the requirements of Section 13 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/Larry R. Raymond                    
                              Larry R. Raymond
                              Vice President, Finance


Dated:  March 28, 1996