Pratt and LeFevre Corporation
450 Simmons Way, Suite 760,
Kaysville, Utah 84037

A monthly newsletter brought to you by your Pratt and LeFevre Corporation Team
VOL. 2, ISSUE 3 March 2023


March is National Credit Education Month. As a business owner, it's important to understand the ins and outs of your credit score. Did you know that a good credit score can impact your ability to get financing, insurance, and even contracts? With so much at stake, it's vital to know how to build and maintain a solid credit score.

One thing to keep in mind is that errors on credit reports are common. In fact, one in five Americans find errors on their credit reports. This means that as a business owner, you need to be vigilant in checking your credit report regularly to ensure that all information is accurate. Additionally, more than 90% of home and auto insurers use credit ratings to decide who to cover and what premiums to charge. This means that a poor credit score can impact the cost of insurance for your business.

Learning how to build and maintain a good credit score can be a valuable asset for any business owner. Business credit is a little different than consumer credit. By taking the time to educate yourself on credit, you can set your business up for success and avoid costly mistakes. So take the time this National Credit Education Month to learn more about your credit score and how it can impact your business.


Are you struggling to establish a credit credit or looking to improve your credit score for your business? Well, look no further! Here are 5 strategies for business credit success:

  1. Keep your personal and business finances separate - This may seem obvious. It's crucial to have separate bank accounts, credit cards, and financial statements for your personal and business finances. By doing so, you avoid confusing your personal expenses with your business expenses. Mixing them could harm your credit score.
  2. Monitor your credit score regularly - It's important to keep track of your credit score and credit reports. You want to ensure that there are no errors or fraudulent activities. Monitoring your credit score can also help you identify areas for improvement.
  3. Pay your bills on time - Late payments can significantly damage your credit score. So make sure to pay your bills on time, every time. Consider setting up automatic payments or reminders to help you stay on track.
  4. Maintain a good credit utilization ratio - Your credit utilization ratio is the amount of credit you're using compared to the amount available to you. Aim to keep your credit utilization ratio below 30%, as this can positively impact your credit score.
  5. Build relationships with your creditors - Building strong relationships with your creditors can help you negotiate better terms and rates in the future. Consider reaching out to your creditors to discuss your business needs and explore options for improving your credit.

By implementing these strategies, you'll be on your way to achieving business credit success.


When it comes to growing your business, debt can be a powerful tool if used wisely. Here are some debt management tactics that can help you make smart decisions about leveraging debt to grow your business.

Consider the pros and cons of using debt. On the one hand, debt can provide the capital you need to invest in your business. This can help you take advantage of growth opportunities. However, taking on too much debt can also be risky, as it can lead to financial strain and even bankruptcy. Make smart decisions about debt. It's essential to assess your business's financial health and identify your borrowing needs. Consider working with a financial advisor to help you develop a sound borrowing strategy.

Pratt & LeFevre works with some financial advisors who are also acquainted with our strategy. They can advise you on your lending needs in accordance with your business structuring.

Once you've decided to use debt, make sure you're managing it effectively. This means making timely payments, monitoring your credit score, and staying on top of your debts. Remember, using debt to grow your business is about smart leverage, not reckless spending. As long as you're using debt strategically and managing it effectively, it can be a powerful tool for driving your business forward.

Contact Daniel McCraine, our National Sales Director at: or 833-772-8848, x. 709

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DISCLAIMER: Pratt and LeFevre Corporation has several attorneys on retainer. Any information contained herein should not be considered legal advice. The above is only an explanation of instructions given to Pratt and LeFevre Corporation by our attorneys which we have been given permission to explain from a lay-person’s point of view only. Any clarification or questions must be answered directly by an appropriate attorney.

Pratt and LeFevre Corporation
450 Simmons Way, Suite 760,
Kaysville, Utah 84037

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    Pratt and LeFevre Corporation 450 Simmons Way, Suite 100 Kaysville, Utah 84037 (By appointment only) 833-772-8848