The phrase "The discrepancy" is correct and usable in written English.
It can be used when referring to a difference or inconsistency between two or more things, often in a formal or analytical context.
Example: "The discrepancy between the reported figures and the actual sales data raised concerns among the management team."
Alternatives: "The difference" or "The inconsistency."
Dictionary
The discrepancy
noun
An inconsistency between facts or sentiments.
Exact(56)
"The discrepancy is phenomenal.
The discrepancy is easily explained.
The discrepancy has spawned lawsuits.
The discrepancy has been reported by NPR.
The discrepancy is due to measurement differences.
The discrepancy is not hard to understand.
The discrepancy could not immediately be reconciled.
The discrepancy, or adjustment, was deliberate.
The discrepancy could not be immediately reconciled.
The discrepancy is negligibly small.
The discrepancy favored German interests.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com