Can whole house filtration help remove excess iron content from borewell water

Whole house filter
Whole house filter

Received over email

I have a problem with my borewell water. It smells foul and turns yellow on keeping the water stagnant over 12 hours and on further storing yellow brown sediments are found at the bottom of the container and on top of the clear water surface. Sometimes an oily layer is also found on top.

Borewell was dug in the month of April 2013. For 1 to 2 months there was no such problem with the water. Water testing initially showed only coli-forms. pH was 7.1 with normal iron content. Once the monsoons started we started facing the above problem.
Depth of borewell is 150ft. Current water analysis shows Iron in excess 3.1, Coli-forms 1100+ and Ph 6.9

I had read about whole house filtration systems. Is it worth purchasing one?
Kindly give your opinion to find a permanent solution to this problem.