1. Open the file with PBP Unpacker, then double-click the PARAM.SFO file. It should be listed in the table.

2. If it's a UMD, the update should be on the disc, so update to any custom firmware higher than what it says. If there's no update, open the PARAM.SFO file on the disc with PBP Unpacker (of course, you'll need to put it on your PC first - you could use PSP Filer for that.) I think it's directly inside the USRDIR folder.

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