The common credit reporting manual used by the big-3 CRAs, titled the Credit Reporting Resource Guide, defines a 120-late as not simply being 120 or more days late, but as being between 120 - 149 days late.
Unless the reporting period between two monthly reportings is less than 30 days, such as Feb followed by Mar, then technically you should not have two consecutive 120-lates. One or the other can be disputed as inaccurate under the CRA credit reporting policy.
However, it may not be to your benefit to dispute simply because you can do so.
First, as stated by others, dispute of inaccuracies does not, if agreed to be inaccurate, require deletion of anything. They only require deletion if the furnisher or CRA cannot either verify the accuracy as reported or correct the information so as to overcome any agreed inaccuracy. A dispute is limited to the item(s) of information asserted to be inaccurate, and does not extend to other information or to the entire account.
Second, if it is the second 120-late that is inaccurate, correction would simply be to update to 150-late (or to CO, if the account was also charged-off prior to that month).
That is not going to help scoring of your payment history category, and it would likely be prudent not to dispute and force review and correction.
