Indeed it can, or you can perform a complete
Archive and Install or you can first try the suggestions below:
Login as root and perform repair In some cases, problems with keychains can only be resolved when logged in as the root user.
First, enable a root user account, as detailed in Knowledge Base article #106290 (briefly: open NetInfo Manager, located in Applications/Utilities, click the lock and enter the administrator password, then select "Enable Root User" from the Security menu and follow on-screen instructions).
After enabling the root user, and logging in under this account, again open Keychain Access. First attempt repairs using Keychain First Aid, and failing that, delete then recreate the keychain as described above while logged in as root.
Please remember to log out as root user once you've finished dealing with Keychain.
Hope one of these helps,