This important concept is also known as the forgiveness of sins. Sins are forgiven when we become cleansed of all sins once and for all through the gospel of the water and the Spirit. The faith in the gospel of the water and the Spirit is to believe in a series of truths: Jesus Christ's divinity, the incarnation of the Son of God, His baptism and crucifixion for the salvation of us all, and His resurrection.
The redemption Jesus gave us can be ours through the faith in His baptism and blood. As prophesied in the Old Testament, Jesus Himself saved all people from sin. The redemption in the Bible points to the washing away of sins through faith in the baptism of Jesus and His blood. All sins were passed onto Jesus, so there is no longer any sin in the hearts of humankind.
We can call ourselves the redeemed and the righteous only after passing all our sins onto Jesus through faith in His baptism.