Normally information reported by lenders to credit reporting agencies require information to be true and accurate. That's not to say that inaccurate information will not appear on an individual's credit report. If that happens, a written correction can be submitted by the individual and noted on the account but disputing the actual balances can be difficult.
If the balance has gone significantly pass due and the debt has been passed on to a collection agency which has reported this information to the various credit reports, it can be very difficult to to dispute that type of balance. There are protections under Federal law however regarding debt collection which may affect what appears on a credit report.
If the amount being collected upon is in dispute and can be proven with physical documents that the collection agency has violated provisions in the FDCPA, then a consumer may be able to sue and receive a judgment to have a balance discharged. At a minimum correct information would need to be updated and appear on the credit report.
This is a specific situation however and does not apply to most balances or information that appears on an individual's credit report. So while there might be mechanisms in place which facilitate the removal of certain information from a credit report, it isn't necessarily easy to make happen so pick and choose very carefully which data to challenge.