The quality of the subsurface images obtained using VSP data strongly depends on the velocity model used for migration. The velocity model derived from surface seismic is often not accurate enough for VSP imaging and there is a need for its improvement. We propose the method for updating of velocities using VSP data. The main idea is to use the images of the subsurface obtained using different types of waves: primary reflections and surface-related multiples. If the background velocity is correct, then these images will be similar, and they will not coincide, if the velocity model is erroneous. We develop the algorithm of velocity updating based on this criterion. The proposed method allows us to retrieve the velocity below the borehole receivers. This is complementary to first break VSP travel time tomography, which helps to retrieve velocity only above the receivers.