Hi,
1. When exactly you see the error 0x80042302 in windows 7?
2. Were there any software or hardware changes made before you faced this issue?
3. Are you trying to perform a System Restore?
4. What happens when you try to update HP Computer?
5. May I know the model number of HP computer?
Please follow the below steps and check for the issue.
Method 1: Boot the system in safe mode and perform a system restore.
Step 1: Start your computer in safe mode
a) Shutdown the computer and restart the computer. While it restarts, start tapping the F8 key.
b) You will be in advanced boot options where it’s a black screen with a list of options.
c) Using up and down arrow key, select "Safe mode".
d) Login as admin account.
For more information: http://windows.microsoft.com/en-US/windows7/Start-your-computer-in-safe-mode
Step 2: Perform system restore.
http://windows.microsoft.com/en-US/windows7/products/features/system-restore?SignedIn=1
Click on the above link and perform system restore to the earlier date, when the computer was working fine.
Note: System Restore does not affect personal files, such as e-mail, documents, or photos. You can only restore files that you have deleted if you have made backups of those files. However you may lose the applications that were installed after that restore point (Date).
Method 2: boot the system in normal mode ad ch eck whether Volume Shadow Copy Service, System Restore Service is started and Set to Automatic.
1. Type Services.msc in Start Menu search box, hit Enter.
2. Make sure that the Volume Shadow Copy Service is Running and set on Automatic
3. If the Status of System Restore Service is not Started, Start it. Also set it on Automatic if it is not.
4. Restart your computer.
If the issue still persist, Disable the anti-virus and perform system restore.
Method 3: Disable the antivirus and perform system restore.
http://windows.microsoft.com/en-US/windows7/Disable-antivirus-software
Once you are done with renaming the folder, restart the system and check for the issue.
Important Note: Antivirus software can help protect your computer against viruses and other security threats. In most cases, you shouldn't disable your antivirus software. If you have to temporarily disable it to install other software, you should re-enable it as soon as you're done. If you're connected to the Internet or a network while your antivirus software is disabled, your computer is vulnerable to attacks.
Method 4: perform SFC scan.
http://support.microsoft.com/kb/929833
Click on the above mentioned link and follow the steps to perform SFC scan.