Backups to Data Domain fails with “the user has insufficient access rights. Err: 5075”

Backup or Backup Copy jobs targeting a Dell EMC Data Domain repository fail with the following error:
 

Error: Failed to call RPC function 'DDBoostFcIsExist': Failed to connect to storage. Storage: <ip\hostname>, User: <user>. the user has insufficient access rights. Err: 5075.

Warning    Failed to synchronize <Repository Name> Details: Failed to call RPC function 'DDBoostFcIsExist': Failed to connect to storage. Storage: <ip\hostname>, User: <user>. the user has insufficient access rights. Err: 5075.

The following are known possible causes and solutions for this error:

1. The password for the account configured in the repository settings is incorrect and needs to be updated in the Veeam Backup & Replication Credentials Manager
2. The password age rule on the Data Domain has taken effect and locked the user account pending a new password be assigned to the account.
   More information: https://www.dell.com/support/kbdoc/en-us/482322