TF30063 Issue: You are not authorized to access (Tfs Server link)

I suddenly started getting the error while committing the code to TFS in Visual studio, after the password of the Microsoft account was changed.

As per the scheduled password update asked by Microsoft while logging in through a browser, I changed the password and after that, I started getting TF30063 error as shown in the screenshot below. I was still getting this error on reentering the credentials in Visual studio.
TFS Visual Studio


One of the simple solutions is deleting the temporary files from the temp folder (run %tmp% in the Run window to open the temporary folder location at your system).
Authorization Solution

After this, Restarting the Visual Studio applications worked for me.