Loan amount declared on credit report - please help!

liloolooli

Hi, we recently took out a personal loan to pay off some credit card debt however, when I check my credit report it is the total amount repayable at the end of the term (including all interest) displayed as the credit amount, not the value of the loan. Is this correct? For example if I borrowed 5k, I would have expected 5k to show on my credit file, not 8k (which would be the total payable).

My mortgage shows on my credit file, but this only shows the total credit balance as the amount I have borrowed excluding interest - are loans and mortgages treated differently?

Sorry if it's I dumb question, by the loan providers have already made mistakes and I am not filled with confidence that they know what they are doing!

liloolooli

Figures above are for illustrative purposes!

papaface

There are just two different ways that it can be reported, as far as I know there's no standard. Some lenders report it with interest, others don't.
It makes no difference to your credit worthiness, as affordability calculations are made using the actual amounts you pay rather than the balances you owe.

[Deleted User]

Yes it’s correct.