Error while creating web application in SharePoint 2013

Today, while creating a web application from central administration in SharePoint 2013, I came across an interesting issue, as it was not allowing me to create the web application and was giving the below error, although logged-in as System Account.

Error:  “The password supplied with the username <domain> was not correct. Verify that it was entered correctly and try again”.

After this, I contacted the IT Team and came to know that they changed the admin password recently.

Solution : Run the following command in SharePoint 2013 Management Shell (to update the Farm credentials) and it will resolve the issue. Also, make sure that all the services running on the server (services.msc) with the admin account must be updated with the new password.

stsadm –o updatefarmcredentials –userlogin DOMAIN\username –password <password>

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