Thinly slice carrots and add to diced peppers and onion in a large bowl.
Place the soup, raisins, oil, vinegar, sugar, mustard, celery seed, salt and peppers in a sauce pan. Cook on medium high and bring to a slow boil. Stir frequently.
Remove from stove and pour over the vegetables and stir until well blended.
Place in a covered container and store in the refrigerator. Make a day ahead for best flavor, store for up to one week. Can be serve chilled or warmed.