Team Foundation Error The cache file C:\Users\Administrator\AppData\Local\Microsoft\Team Foundation\3.0\Cache\VersionControl.config is not valid and cannot be loaded. Please correct or delete the file.

Fired up my VPC and tried connecting to TFS and i run into this error, i thought i need to setup bindings and working folders again....

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The cache file C:\Users\Administrator\AppData\Local\Microsoft\Team Foundation\3.0\Cache\VersionControl.config is not valid and cannot be loaded.

Please correct or delete the file.
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The solution was simple get a copy the "VersionControl.config" from your fellow dev on the project and replace it, TFS internally stores all the team members source control setting in this file.