One of the necessary elements of the sacrament of confession is reciting an act of contrition. A priest will usually prompt the penitent after they confessed their sins by saying such words as “Now say your act of contrition.”
Essentially it is a personal proclamation that you abhor the sins you confessed and are resolved to lead a life of virtue, doing all that you can to stop committing those and any sins in the future.
Strictly speaking there is no one formula that a penitent must recite. The person may use their own words, or use a traditional act of contrition. The important part is that the individual has a “sorrow of the soul and detestation for the sin committed, together with the resolution not to sin again.”
For those who need a prayer handy in the confessional, here are a few different options that the Church offers to the penitent.
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After going to confession, pray this powerful prayer
How to go to confession, a step-by-step guide