The Fix Character Encoding Function allows you to correct metadata information that was saved in the wrong character encoding. If you have files with incorrect character encoding, it may take a little trial and error to see which character encoding gives the desired results. Be sure to enable preview so you can see exactly what the function is doing.
Below is a file that was saved with the incorrect character encoding:
The correct character encoding was Korean (Mac OS).
After applying the function, the character are correct.