In the Directed Feedback Vertex Set (DFVS) problem, the input is a directed graph $D$ on $n$ vertices and $m$ edges, and an integer $k$. The objective is to determine whether there exists a set of at most $k$ vertices intersecting every directed cycle of $D$. Whether or not DFVS admits a fixed parameter tractable (FPT) algorithm was considered the most important open problem in parameterized complexity until Chen, Liu, Lu, O'Sullivan and Razgon [JACM 2008] answered the question in the affirmative. They gave an algorithm for the problem with running time $O(k!4^kk^4nm)$. Since then, no faster algorithm for the problem has been found. In this paper, we give an algorithm for DFVS with running time $O(k!4^kk^5(n+m))$. Our algorithm is the first algorithm for DFVS with linear dependence on input size. Furthermore, the asymptotic dependence of the running time of our algorithm on the parameter $k$ matches up to a factor $k$ the algorithm of Chen, Liu, Lu, O'Sullivan and Razgon. On the way to designing our algorithm for DFVS, we give a general methodology to shave off a factor of $n$ from iterative-compression based algorithms for a few other well-studied covering problems in parameterized complexity. We demonstrate the applicability of this technique by speeding up by a factor of $n$, the current best FPT algorithms for Multicut [STOC 2011, SICOMP 2014] and Directed Subset Feedback Vertex Set [ICALP 2012, TALG 2014].