Turn chili, cottage cheese And peppers into mixer bowl; beat together at low speed until blended, adding lemon juice. (If you use hot-pepper sauce, sometimes called taco sauce, omit chopped peppers and add sauce with lemon juice.)
Chill about 4 hours. Serve as a dip for cucumber slices, cauliflowerets, celery and carrot sticks, or with toasted wedges of cornmeal