ITunes won't open on my computer?

When my iPhone 4S connects to my laptop, my iTunes library opens automatically but now whenever my phone is connected to my laptop, it just says

'The file 'iTunes Library.itl' can't be read because it was created by a newer version of iTunes.'

and doesn't load. This may be because iTunes updated automatically but I'm sure I have downloaded the newest version of iTunes onto my phone and onto my laptop so I don't understand why it's not working.

Has this happened to anyone else and how have they fixed it?

Uninstall it and re install the latest version of itunes from following web portal

http://www.filesonclick.com/itunes/

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