What true believer is there who is not eternally thankful for the truths found in today's verse? Sins of omission, sins of commission, sins of deliberate action, sins of the heart, youthful sins, covert sins, "big" sins, "little" sins, etc. What a thrill to know that the penalty for our sins has been paid in full, if we but accept His free gift. What rejoicing and freedom forgiveness brings.
Note that there are three different expressions for wrongdoing in today's verse--transgression, sin, and iniquity. The differences in these words are not insignificant, but precise differentiation is beyond the scope of this discussion. Suffice it to say that they can be understood to mean the whole gamut of sinful activity.
Likewise there are three separate aspects of God's forgiving grace mentioned, "forgiven . . . covered . . . not imputed." In every way possible our sin is removed from us, and no more payment is necessary.
However, God's forgiveness must be conditioned on the individual's action. A lack of action results in the bearing of the sin, the guilt, and the consequences, again specified in a threefold manner. "My bones waxed old . . . my roaring . . . thy hand was heavy upon me" (vv. 3-4).
In keeping with the pattern of the psalm, three such actions are mentioned. "I acknowledged my sin unto thee, and mine iniquity have I not hid. I said, I will confess my transgressions unto the LORD (v. 5). The result? "And thou forgavest the iniquity of my sin."
Because of all this, we should have a threefold response: "Be glad in the LORD, and rejoice, ye righteous: and shout for joy, all ye that are upright in heart" (v. 11). JDM