You can't correct it directly. However, you can send a new submission with the correct information, and if you think it's necessary, a note of explanation (using the "miscellaneous comments" category -- for a new title, you will need to check the box to see additional categories). For a new title, this can be most easily done by using the copy of your original data in your update history; just change the bad items, add explanations as needed, and re-send (however, this won't work if your new title is the same as an existing one except for a Roman numeral). For any other kind of update, you'll need to either create a new update or wait for the data to go live and then correct it.
Depending on the time between the two submissions and our update cycle, the bad data may appear on the site for a short time.