The factory original LG LT700P and the aftermarket filter both reduce contaminants found in your water supply, including dirt, chlorine, chemicals, and minerals.
The LG LT700P has NSF/ANSI ratings of 42 and 53, meaning it has been certified to reduce multiple contaminants in tap water.
The primary difference between the OEM and aftermarket filter is price and NSF/ANSI Standard certifications, though some filters that are not NSF/ANSI rated are still constructed from NSF/ANSI rated parts.