Really Strange Rendering Glitch When Rendering mp4s

When I import mp4 files, they render really strangely with this weird pink and green glitch. This glitch occurs both in Premiere in the playback section and when I actually render the clip. This glitch effect does not occur when I use other filetypes like images, although I don't have any other video formats to test. When I first opened the program, it said something about a graphics card or a driver or something, but I didnt read it carefully and igonored it. I have tried updating my graphics drivers since

I discovered the glitch. but they are all up to date and this issue prevails. This is what it looks like (the white background renders fine):

I think I need to update something to fix the problem, but I'm totally clueless as to what or how?