Domain name registrations are considered similar to registering a company in the fact that you are required to provide valid and accurate contact information about the owner of the domain name. You can choose to make information about the owner public or private, however you are required to provide accurate publicly visible contact information. All domain registrations and contact information are listed in the publicly visible WHOIS directory.
Here is some information on updating your domain contact information (WHOIS), and how to keep your personal contact information private.
It is important that you keep your WHOIS contact information up-to-date so that you receive important notices about your domain name (such as reminders on when it expires), as well as registering yourself as owner of the domain in case there is a dispute.
Domain privacy allows you to keep your contact information such as your name, address and phone number private from prying eyes, while still fulfilling that you list valid contact information for your domain. You are still listed as owner of the domain, however the public does not see your name or contact information.