In a separate bowl, combine sour cream and cream cheese. Spread cream cheese mixture over the refried beans layer.
Spread salsa over cream cheese layer. Place a layer of chopped tomatoes, followed by a layer of chopped green bell peppers. Add a layer of chopped green onions, followed by a layer of shredded lettuce. Top with a layer of shredded Cheddar cheese. Garnish with a final layer of sliced black olives. Cover lightly with plastic wrap and chill in refrigerator until ready to serve.
Serve with tortilla chips or crackers for dipping.