Eclipse & Subclipse don't directly collect or store username and password credentials. This information is collected and stored by the SVN client adapter (JavaHL or SVNKit). Currently, these adapters both require you to manually delete the cache file in order to clear the old password.
The location of the cache varies based on the client adapter used (JavaHL or SVNKit). You can determine which adapter the application is using by viewing the SVN interface client information (i.e. in Eclipse it's located in Window > Preferences > Team > SVN).
SVNKit - caches this information in the Eclipse keyring. By default this is a file named .keyring that is stored in the root of the Eclipse configuration folder. (Example: <eclipse-xxx>\eclipse\configuration) To clear the cache, rename or delete the.keyring file, Eclipse will create a new empty keyring when you restart.