The WHOIS information shows the public and your registrant the contact information of a domain's owner; in other words, the WHOIS information can be useful to verify if a legit company or person created a Domain. However, some registrants have the option to hide the WHOIS information to the public via proxy or privacy services by making it available only to the registrant.
Once a year, your registrant will send an email requesting to check and confirm the WHOIS information in case it was changed or wrong. The important reasons to keep your WHOIS information up-to-date are:
"If your email is wrong, you won't be able to receive important notifications about your domain, leading to a lousy administration of your domain." (Icann)
such as: domain expiration, domain suspension, changes in your domain.
Suspended or cancelled domain
"Suppose your registrant sends you an inquiry regarding the inaccurate WHOIS information. In that case, the Domain owner will have 15 days to verify and correct the WHOIS information before their domain gets suspended or cancelled." (Icann)
Remember, do not wait for the yearly email to change any information. As soon as you can, contact your registrant to find out the steps to change the WHOIS information to avoid your domain being suspended or cancelled.
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