Short Sale and Credit Reporting?

Is the monetary difference between the sale price of a home as a result of a short sale and the total original loan amount reported to the credit reporting agencies? It is my understanding that there is no notation on one's credit report regarding a short sale(as opposed to a foreclosure), simply wording which reflects the home loan as being a "negotiated settlement" , or words to that effect. However, still curious about whether the deficiency amount can affect one's credit score even though the holder of the note(s) signed off on the sale of the property via short sale?