Hi,
What people do is to use a different exposure index (EI) than the EI that matches the ISO film speed ("box speed"). They don't actually change the ISO speed of the film, because the term ISO film speed has a specific meaning. The ISO speed is always what the box says. It is how sensitive the film is to light according to International Organization for Standardization measuring techniques. An EI, on the other hand, is the figure for film sensitivity that you actually use when you are photographing. It is what you use to figure your exposure, with a meter or in your head. Even if you use box speed, you are not "using an ISO." You are using an EI that matches the ISO film speed.
People deviate from the EI that matches box speed because they want to make exposure compensations. They can do it to purposefully over- or underexpose the film, or they can do it for purposes of correcting exposure that they feel is incorrect due to a variety of possible factors. The latter is "calibration" of the light meter to the film to the process to the print.
Using box speed as your EI with an incident light meter will result in great exposures for the average shooter shooting the average shot in average light. Using an incident meter with knowledge of, and an eye for, luminance range to inform exposure and processing tweaks covers most situations that are not average.
In-camera meters complicate things by introducing endless variables, such as how the tones of the different subjects within the composition fall within the metering pattern in the camera. The weird variety of results that can be had by following in-camera meters is why I believe so many people initially decide to monkey with changing their EI. I think focusing on metering technique and equipment is a better way for most people to get better exposures than is re-rating the film. Use an incident meter, box speed, and dial in your development routine well, and things will be peachy most of the time. Add to that a knowledge of exposure and development tweaks that can be done to handle non-average lighting, and you are covered for all but the most odd and extreme of situations. Then you can really judge whether or not you need to re-rate a film for true purposes of calibration, and not just to cover up inaccuracies and inconsistencies in metering and processing.
As for not having a densitometer, try picking up a step wedge instead.