'Failed type 6 encryption on password'

I ran into an issue recently when attempting to change the password on an previously configured SIP binding (information has been changed for security reasons):

site-1-cube(config-sip-ua)#credentials username 3334445555 password 0 J2[%)_Ie realm nyc.provider.com
Failed type 6 encryption on password

I had never seen the error Failed type 6 encryption on password before and I struggled somewhat in understanding how to change this. I ran into this article and it was subsequently the same solution I was given by Cisco TAC:

configure terminal
  key config-key password-encrypt <MASTER PASSWORD>
  password encryption aes
end

After entering the commands above, I was able to change the SIP bindings:

site-1-cube(config)#no sip-ua
site-1-cube(config-sip-ua)#sip-ua
site-1-cube(config-sip-ua)#credentials username 3334445555 password 0 J2--[%)_Ie realm nyc.provider.com
site-1-cube(config-sip-ua)#authentication username 3334445555 password 0 J2i--[%)_Ie realm nyc.provider.com

Then I checked the registration status with:

site-1-cube#show sip-ua register status