You can remove this error by configuring your update settings and windows firewall settings.
For this, always allow windows to receive updates automatically and add exception in windows firewall for windows updater.
Always make sure that you are logged in as administrator while you are trying to update your windows else this error may take place.
If not then atleast the account from where you have logged in , it must have rights to receive updates from windows store. Contact your administrator to assign these rights to your account to get rid of this error.
If all of above settings in your system are fine but you are still having problem with Windows updates then get this special tool called Total System Care and install it, Then Scan your Pc and wait until its finished.
Total System Care is a specialized tool to fix Registry errors and repairs your Computer to avoid getting further errors. It also Brings out Best Performance of your Windows PC.
It is really small in size and capable of solving your issues. It will perform following tasks for you.
This will helps you to Fix Error code 0x80070005 Easily after performing the above mention task.
Navigate to C: > users > Your User name here > App Data (Its a hidden folder, First show Hidden Folders) > Local > Packages.
Open Run and Paste this "C:\Users\Your Username Here\AppData\Local" and hit Enter.
Make sure you Replace "Your Username Here" with your actual username in the above command.
Ok so now right click on Packages and select Properties, Now Click on Advance and Give Full permission to all the users Specially the one you are signed in with in Windows. Once that is done, Click on Apply and then OK.
That is it, now try and see if you are still getting Error code 0x80070005. Also let us know if this solved your problem in below Comments.
Did not work, still have no access to reference management, still cannot save passwords.