In a large mixing bowl, combine softened cream cheese and sour cream.
Mix until smooth and creamy.
Add shredded cheddar cheese and stir to combine.
Incorporate corn into the mixture.
Add diced red onion and bell pepper.
Sprinkle in garlic powder and chili powder.
Season with salt and pepper to taste.
Mix all ingredients until well combined.
Transfer the dip to a serving bowl.
Chill in the refrigerator for at least 30 minutes before serving.