Paul is continuing to think through whether or not the Jews through their ethnic identity, having the Law and circumcision had an advantage. So, he goes back to Abraham, the one through whom the promise to Israel was made. It was the covenant with him that they considered themselves to be heirs of. So, what did their forefather discover (v1)? Paul has also argued that no-none has reason to boast, however, if Abraham was rewarded because he was righteous, because of his obedience to God and good deeds, then he would have cause for boasting. Not only that, but the Jews’ boast would be in Abraham too (v2).
Paul takes us to what Genesis 15:6 says. There we are told that Abraham believed in God and that was credited to him as righteousness. The specific thing Abraham believed was God’s promise for descendants and a specific descendant, a son (v3). This is something gifted to Abraham, it’s not a wage and that’s important because wages are earnt and deserved (v4). However, if righteousness is not something that has been earnt through works, then it is something credited or given through faith (v5).
David in the Psalms also confirms this and identifies it as blessing, as God’s goodness to us. (v6). That goodness is described in the Psalms as forgiveness. Sin, or lawless deeds are covered over (v7). Gob both chooses not to count or reckon/credit our sin against us so that we don’t receive the payment or wages for that[1] and to reckon or credit his righteousness to us (v8). [2]
[1] C.f. Romans 6:23.
[2] Pslam 32:1-2.