Wall Mount Bracket - Is this right? HELP.

I have installed the Monoprice Adjustable Tilting/Swiveling Wall Mount Bracket (ID 6516) into the wall. Once I hung the LCD on it I heard noise at the attachment point. It sounded like the metal scraping down the threads of the screws that are in the back of the mount. Please check the images and let me know if this looks right.

It just seems that the screws are VERY loose on the top portion. Should they be?

Great, I am tightening the screws and that will make me worry less about that.
Do you know anything about the "tension" bar, also visible in the pics.

It is meant to set the vertical tilt of the screen. The explanation in the manual is not very detailed on how to adjust this. Once the TV is attached the bar will only turn 180 degrees (since the TV blocks it).

Anyone have a better explanation of how to use the tension bar?
What is supposed to happen when I pull it from the mount (like you would on a wristwatch)?

Okay, I went back in to try and tighten the screws. It isn't working. I know think that the hole is stripped or something.

See this video:
http://www.youtube.com/watch?v=g0w3CkukDKc

The screw just comes out with a pull.
I am guessing this is not supposed to happen.

Ideas? Should I just return this?

Took a trip to the local hardware store to see if I could find something that would help. Wound up finding some screws that fit perfectly and kept the mount in place correctly. Added in some washers and lock nuts to secure everything in place. Feeling much better about the security of the install.

Monoprice, thank you for getting back with me. Glad to know you are there to help. Looks like I am good to go now.

Made a quick run down to the local Big Box hardware store and found a few replacement pieces. Got some lock nuts and screws that fit perfectly. Added some washers, too. Cost me an extra 4 bucks but now I have a secure mount for my TV.

The product itself is great and I appreciate the support from MonoPrice.

Will add pictures for reference.