Reconciliation is the Sacrament of forgiveness and it is also known as Confession. During Confession a Catholic brings to mind any sins they may have committed in their day to day lives. Through the confession of sins, forgiveness is received through the grace of God if the individual is truly sorry. Catholics try to attend Confession at least before Easter and before Christmas. By doing this, they feel reconciled with God and better ready to represent Him and the Church.
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Taken from The Faith Of The Catholic Church a CTS Publication
179. How can we obtain forgiveness for those sins committed after Baptism?
The forgiveness of sins committed after Baptism is obtained through the Sacrament of Penance. This Sacrament is also called the Sacrament of Conversion, of Confession, and of Reconciliation.
180. When did Jesus speak of this Sacrament?
After his Resurrection, the Lord Jesus showed Himself to His Apostles and said to them: “Receive the Holy Spirit. If you forgive the sins of any, they are forgiven them; if you retain the sins of any, they are retained.