What's the difference between updating and correcting a date-effective object?

When you update an object, you insert a physical record in the object's history. Typically, the inserted record follows the current physical record, and the effective start date is today's date. However, you can edit the object history or create a future-dated change by

When you correct a date-effective object, you edit the information in an existing physical record. You don't create a physical record.