Legal Question in Traffic Law in Colorado

depends on the situation -

it can be a felony if you are trying to avoid a warrant or other detriment, or if you are trying to gain a benefit, like accessing a bank account

it can be a misdemeanor if you cops ask and you lie [ok to refuse to talk generally, but not ok to lie]

correcting the information can be done in a way that prevents the most harm, but you will probably need a lawyer and the lawyer cannot lie for/with you