Heat olive oil in a large stockpot over medium heat.
Add the diced onion and minced garlic, sautéing for 5 minutes until translucent.
Pour in the chicken broth, red enchilada sauce, and diced green chiles.
Season with cumin, chili powder, and salt.
Add the black beans and corn, bringing the mixture to a simmer for 15 minutes.
Lower the heat and stir in the shredded chicken.
Add the softened cream cheese in small chunks, whisking until the soup is smooth and creamy.
Stir in the shredded cheddar cheese until completely melted.
Remove from heat and serve.