Both are grammatically correct but the meanings are different. #2 is a useless sentence. For a simpler example, consider these sentences:
"Sally believes Harry."
"Sally believes in Harry."
The first means that Sally thinks that what Harry says is true.
The second means that Sally has confidence in Harry.
It is the difference between credence ("belief") and faith ("belief in").
All of us at least occasionally believe misinformation. Anything that is not true is misinformation, and all of us believe some things to be true that are false. If I believe the grocery store is located at 5 Main Street when it is actually located at 6 Main street, then I believe misinformation.
Although your sentence #2 is correct, I would never say it. Information (and also misinformation) is not something that merits faith. It's either right or wrong. You either believe it or you don't. But you don't "believe in" it. It sounds totally weird to say you believe *in* the grocery store being located at 5 Main Street.