Having been through this process several times over the many years I was in. I have about 6 different DD-214's. You get one every time you are mobilized. Here is the basic process. You have three years from the date of discharge to submit requests for corrections. After that time frame, your request has to include why you think it should be changed. The request forms and process are on the web, and you can submit electronically. Alternatively, you can go through your local Senator or Representative Office to request the change. They are very responsive to Congressional requests. The first thing I recommend is you go to ARPERCEN and request your records (Also can be done online). Once you have a copy of your records you can then submit the request. For the army folks, if an award is listed on your 2-1, then that is considered evidence of award an and they will either issue you a DD-215 or an updated DD214. At the current time the ARPERCEN policy is to issue two DD-215s to correct a DD214, then they will issue a updated and corrected DD214. It will take about 6 months from the time of submission to getting a corrected or updated copy. By the way if there is a change in regulations authorizing additional awards, they will not automatically update your record , you have to submit a request.
Now as to whether or not you should get your record updated or not, that is up to the individual, but I recommend that if you have missing awards or incorrect information to get it corrected. Here is why first and foremost you earned those awards whether for valor or for simply for being there. You spent the time and did the job. It needs to be documented somewhere and somehow. I can assure that somewhere in the future you will tell somebody what you did or what you received and they will call bullshit. A government record puts the stop to that crap. In fact a couple of days ago on AR-15.com I mentioned I had served for 40 years in the army, I was called a liar by a couple of individuals. I sent them a copy of my paperwork an asked them to apologize publicly which they haven't.
The second reason is that someday you will gone and you may have kids or grand kids that wonder what you did with your life and what kind of person you were. Those folks may want to research and see what you did in the military and you want the record to accurately reflect what you did. I have my fathers DD-214 from World War II, and it is interesting to read his records and see what kind of soldier he was.
SGM Mark Pierce (RET)
US ARMY 1970-2010
11B, 18B, 18F, and 18Z