Telemetry object uses DB connection via mdb.deploy.usmpassword.
For your reference,
1.mdb.deploy.password is for a system admin (sa) user password to connect to the DB. This is SQL server system admin credentials.
2. mdb.deploy.usmpassword is a lesser privileged user password (usmuser) who can access Catalog tables.This is a local user(mdbadmin) to perform SQL queries on mdb.
mdb.deploy.usmuser = mdbadmin
mdb.deploy.usmpassword = XXXXXXX
If you have changed the MDBADMIN password it means you have to update the USM_HOME\config.properties, mdb.deploy.usmpassword
value and restart the catalog services.