This question already has an answer here:
Is there any way to retract a flag on an answer?
Here is an example of why I would like to retract flags.
I flagged this answer as "not an answer" because in its original state it was just a request for information. I did comment and discuss with the user first but as often happens they said I was unreasonable or been mean etc..., so I flagged it but the user came round and decided to edit there answer to include a lot more, much better information, so I changed my vote but could not remove the flag.
This resulted in " declined - a moderator reviewed your flag, but found no evidence to support it" on the flag, that is the correct response based on the edit but now I have a declined flag in my profile :(
Perhaps it is just me being pedantic but I hate to see stuff like this on my profile, so if I am not just missing something, can we get a retract flag option, just like we have a retract close vote option, this site attracts people like me, I am sure I am not the only one who is disappointed to get declined flags because of events that happens after the flag.