Consumers who have access to general educational information about credit, as well as information about their personal credit, perform better than people who have no credit education, said John Ulzheimer, president of consumer education at CreditSesame.com, in an email.
"As far as whether or not banks will consider their educational model ... they'll consider anything that brings them more high-quality, low-risk borrowers," he said.
But whether or not RevolutionCredit can do that to the degree that a megabank will take notice remains to be seen, Ulzheimer said.
"I don't think this is anything that will disrupt the current credit scoring system. If anything it could augment the value of scoring systems like FICO and VantageScore but to suggest this will somehow replace it or cause concern, I don't see it happening," he said.
"The scoring systems are far too ingrained across all consumer credit decision points for something like this to be problematic to it."
But RevolutionCredit is not trying to completely replace credit scores, but instead trying to improve the way people are currently rated.
"I don't look at it as a zero sum game," Munir said. "I want to add transparency to a system that is otherwise opaque from a customer standpoint. The consumer has no idea what you are using to judge them and to basically hold against them."
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While it could be argued that RevolutionCredit may lead to riskier borrowers entering the system, it doesn't necessarily translate to larger systemic risk, said Ben Rogers, research director of Filene Research Institute, a credit union and consumer finance think tank.
"Risk functionally defined is people with low credit scores or no credit scores. So in the most straightforward sense, this is exactly what they are trying to do, bring riskier borrowers access to capital," Rogers said. "But the larger question is does this lead to systemic risk? Would we see shaky underwriting and a lot of risk? I don't think so. For the most part this is designed to serve small-scale consumer credit."
Services like RevolutionCredit will probably work best for smaller loans like credit cards or auto loans, where the risk of default is real but the money at stake is much smaller than a mortgage or business loan, Rogers said. And it could be especially useful in getting millennials more credit, he added.
"Demand from borrowers, especially millennials, is surging for on-demand services of every kind. This is especially true for credit applications, where new borrowers don't know all the rules of the road and don't want to seem clueless. It's less embarrassing to learn from a screen than from a person, even a nice one," Rogers said.
"People's wallets are most often the most sensitive part of their anatomy. If they don't have to go in and look at somebody face to face, well, I think there is a lot to be said about that. Will it change the world? The jury is still out, but these on-demand services have a lot of potential."
—By CNBC's Cadie Thompson