You do. They're called strange coins, motes of light, gear parts, ammo synths and glimmer. Earning an excess of these enables you to level up super fast. 100 ammo synths is roughly one level up. Atm that's 34 strange coins from Xur. You have loads of options to boost your rep with factions. That and exotic class items.

[quote]Simply put why haven't we got faction rep boosters or at least a better way of levelling them as it is slow progress[/quote] What we need is donating to the vanguard a option