It depends on the context. The act speaks to this question. It says an application can lead to actual takedown, or to corrections, modifications, or comments. It may be, depending on the case, that adding a comment—Mr. A has informed us that fact y about him is incorrect—may be effective. I think it would rarely be effective, but it may be in some cases.
I'm taking the act for what it is. It suggests a number of potential remedies, from actual takedown to de-indexing, to corrections, to making comments. Of course, making comments has a lesser impact on the freedom of expression of the person who put the information online, but it may not be very effective, depending on the case.