You can edit and delete existing Contact Flags
The term ‘Contact Flag’ applies to that type of flag existing on your platform.
When you 'delete a Contact Flag' you are removing that type of flag from your platform
When you add/assign a contact flag to a contact, you are enabling that flag on that contact
when you disable a contact flag on a contact, you are acting on that contact
This article relates to editing or deleting a Contact Flag at a global level rather than disabling a Contact Flag on a particular contact
Steps
Go to the Contacts App
Select More Options
Select Contact Flags
You arrive on the Contact Flags page
Next to each flag is an Actions button
Click it to reveal the menu of options: Edit and Delete
Click Edit to edit a flag, i.e. change its Name or Colour
Click Delete to delete a flag