As someone who has been on both sides of the table, the credit profile and assessment the "lender" receives is fundamentally different from the one a consumer receives and is to make a decision based on the "lender's" credit scoring model.
While it contains all of the items you may see on your 3 consumer credit reports, remember, all 3 may contain varying degrees of the same information or may be missing a file or two. Your lender's report will more than likely not have any pieces of information missing, so you can think of it as a composite file and score of all 3 consumer credit reports.
Some lenders have the option of basing a decision to give you "credit" or set an initial interest rate based on the score from one of your reports, most likely the middle score, if their scoring model places you in a completely different category, say 720 composite or middle score on your end to a 620 score on their end. This mostly happens with mortgages, as your real estate broker has constant contact with you and can negotiate with a lender on your behalf for better rates. Auto loans, it's possible, but you're mostly dealing with a salesmen, whose only job is to sell the car at it's highest value to increase his\her commision (notwithstanding other lenders who are motivated by this too).
I say all this to state that "credit monitoring" is just that, "monitoring" and you didn't waste your money. It's the way the game is played. The best measure of credit-worthiness is your debt-to-income ratio. Your credit score will always be a variable on any given day. Debt-to-income ratio is the king and queen of obtaining credit and receiving favorable terms. You can have an 800 composite score and yet be denied for certain credit because you have too much debt inbalance. Ask any lender at any bank about debt-to-income ratio and may the light be shed on thee.
Thanks. This is good information. It also explains why someone might be approved for a car loan and then later disapproved for the same loan, even though their credit score has gone up.