Heat 2 tablespoons olive oil in a large soup pot/dutch oven over medium-high heat.
Add in chopped purple onion and red bell peppers and cook until the peppers are softened and the onions translucent.
Pour in 4 cups chicken broth, 2 teaspoons ground cumin, and the enchilada sauce. Stir to combine and bring to a boil.
Reduce heat to medium. Add in the diced tomatoes, black beans, green chiles, chopped green onion, chopped cilantro, and shredded cooked chicken. Stir and allow to simmer for 10-15 minutes.
Reduce heat to low. Add in cubed cream cheese and shredded cheddar cheese. Stir to combine and continue to stir while the cheese melts and incorporates.
Season to taste with salt and pepper. Garnish and enjoy!