Should I restore my laptop to factory settings

HP Pavilion dv7 notebook - 8 gb (ram)
Just wondering if it is wise to restore to factory settings (computer is little over 3 years old). Reason is I installed a lot of programs over the years and just want to clear all unwanted files etc. Also my recovery drive is highlited in red.

thank you

Sure, but backup all your data 1st. Your recovery drive is red: That`s telling you it`s near full. It should never be in this condition, have you unknowingly added to this drive.

The HP preinstalled Win7 has the worst load of bloatware and useless duplicate utlities in the industry, throttling Win7's native performance. That's why most tech enthusiasts won't run it but instead Clean Reinstall - Factory OEM Windows 7. Everything is provided in the blue link which will help you get and keep a perfect install.

If you want to stick with the HP bloatware then use HP System Recovery after making your Recovery disks as a backup. But afterward I'd at least Clean Up Factory Bloatware