Today I had to take my VM off of the domain that it was on and after doing so, got the error Some or all identity references could not be translated when I tried to access the “Applications” or “Operations” tab from Central Administration.
After some research and stsadm commands, this command did the trick. Remember that this command is for the NEW account and not to update an existing account.
stsadm.exe -o updatefarmcredentials -userlogin -password
Hope it helped !