It is so important that we understand the difference between the Greek words exeleiphein and chiazein. From historical accounts, we know that in ancient times, when a debt was paid to a creditor, it was common practice to draw an X across the document that detailed the debt. If Charlie Jones owes me a debt of five hundred dollars, when the debt is paid, an X is marked across the record and it is filed away. Anyone, however, could look up Charlie's file and see that he once had a debt. It's all paid, but the record can be seen by anyone at any time. That is an example of chiazein.
Contrast that with what God does in the spiritual realm. "Repent ye therefore, and be converted, that your sins may be blotted out, when the times of refreshing shall come from the presence of the Lord" (Acts 3:19). "Blotted out" is exeleiphein. It means that where there once was a mark, now there is none: no name, no sin, no X-nothing. You are perfected and sanctified forever. His mercies are new every morning. His compassions fail not. Christ is the portion of your life, therefore you have hope in God.
Jesus paid the debt and blotted out the record. He has wiped away the past forever.