The ex-'Love & Hip Hop' star -- who was booted from the show for hurling the word -- tells TMZ ... "I deeply regret my insensitive comment and want to humbly apologize to anybody I hurt or offended by my thoughtlessness. My choice of words was wrong, and I take full responsibility for what I said."

She adds, "I am committed to listening to the voices of those affected and will work toward making amends. As a woman of color and the mother of two black children, I want to make it clear that my use of that word was not in any way racially driven."

Erica ends with this ... "That said, I do understand the gravity of what I said and want to use my platform to promote inclusivity and equality."

Worth noting, Erica identifies as an Afro-Latina -- with Dominican and Puerto Rican roots.

You'll recall ... Erica was cut loose from 'L&HH: Atlanta' after MTV aired the controversial episode in question -- in which EM and Spice got into a heated argument, which erupted into a fight ... and where Erica invoked the term "monkey" while she was lashing out.

That ugly moment came on the heels of yet another ... an Atlanta-area arrest that saw Erica get booked on a number of charges, including allegedly attacking a police officer.

Now that Erica's apologized, do you think she should be allowed back on 'L&HH'? Sound off by answering the question in our game below.