First, slice the chicken breast into pieces, roughly about the size of your palm.
Next, bring a large pot of water to a boil. Then add the chicken to the pot and turn heat to low. Cover and simmer for 20 minutes, or until the chicken is cooked through.
While chicken is cooking, preheat oven to 350 degrees F and begin preparing the dip. Combine cream cheese, Frank's Red Hot, ranch, and cheddar cheese in a large, oven-safe baking dish. Stir well to combine.
Next, remove the cooked chicken from the pot and transfer to a cutting board. Shred using two forks. Add the shredded chicken to the baking dish in batches, stirring until dip is well-combined.
Bake (uncovered) for 15 to 20 minutes, then stir well and bake for another 5 to 10 minutes.
Serve hot with Fritos Scoops, or your chip of choice.