Databases themselves actually don't have passwords, but the database user that connects to the database does. Therefore, to resolve this problem, changing the database user password is required.
Scroll down to the 'Databases' section and choose 'MySQL Databases'.
Scroll down to the 'Current Users' section. Select the 'Change Password' option on the database user that connects to the database you are having password connection problems with.
Type in your new password for the database user in the 'Password' box and repeat again in the 'Password (Again)' box.
Note that there's a 'Password Generator' option if you would like the system to generate you a strong new password.
Once your new password has been entered, complete the process by choosing the 'Change Password' option.
Once this process has been done, you can now update your database connection details to use the new password in order to establish a successful database connection.
Resetting a database password by changing the database user password is now complete.