Unfortunately, reentering the password doesn't correct this issue. The problem results from Windows randomly corrupting the security credentials with your login information to OneDrive.

The solution is:

1. Click Start > Control Panel.

2. Click User Accounts.

3. Click Manage your credentials on the left:

4. You'll then notice the Microsoft Office credential at the bottom. Click on the article to make more information drop down.

5. Then all you have to do is click Remove from vault (or click Remove).