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Help on how loans are reported to the CRA's
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Hi all
I have a question regarding how loans are reported to the CRA's
I have 2 loans, one is reported as opening with a balance of the full loan amount plus total interest (25.5K (19k capital 6.5k Loan) and then the full monthly payment is reported as reducing this balance.
Second loan was reported as opening with a balance of the ammount drawn down (3.8K) and then each much this balance is reported as reduced by the outstanding balance + interest - payment.
Both are with main street banks
The second one seems the the logical and correct way of reporting as it shows a true and accurate balance, (for example the first loan includes interest that has not accrued yet).
Is there any rules on how these should be reported, both where taking out in 2012 (so after the new regulations came into force in 2011)
Any help would be good
Jim
I have a question regarding how loans are reported to the CRA's
I have 2 loans, one is reported as opening with a balance of the full loan amount plus total interest (25.5K (19k capital 6.5k Loan) and then the full monthly payment is reported as reducing this balance.
Second loan was reported as opening with a balance of the ammount drawn down (3.8K) and then each much this balance is reported as reduced by the outstanding balance + interest - payment.
Both are with main street banks
The second one seems the the logical and correct way of reporting as it shows a true and accurate balance, (for example the first loan includes interest that has not accrued yet).
Is there any rules on how these should be reported, both where taking out in 2012 (so after the new regulations came into force in 2011)
Any help would be good
Jim
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