Does GeoIP ever change?

We had a bug a little while back where we were accessing an old database for the GeoIP API.

That meant that, for users whose geolocation were mapped from their IP address, it was incorrect/unknown for IP subnets not in the database.

Now, 1-2 years later, can we go back and retroactively retrieve the correct location for each of those IP addresses with a more updated database? Or, is it possible, for example, that ISPs may recycle IP addresses across different cities/states?