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Intriguing question. Essentially, the difference between memory & written record is that memory is 'active' & unfixed - what it records is changeable & updatable if new facts are discovered or enhancements desired. In short, memory is a living process.
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I imagine that the living history of the Elves would be influenced greatly by how events have turned out over time. Like looking at the place a pebble (or boulder) has been dropped in the water. When you are close to it, you tend to fix your eye on the spot and see nothing else, but as the ripples drift out and you are very far from the epicenter (forgive the pun) you look back and see happenings in relation to a whole backdrop.
I wonder at how different the same tale might become given a few intervening Ages.