Heat olive oil in a large pot over medium heat. Add diced onion and minced garlic. Sauté until fragrant and translucent. Add diced red and green bell peppers. Cook until softened.

Stir in the shredded chicken and chicken broth. Add enchilada sauce, black beans, diced tomatoes, and frozen corn. Season with ground cumin, chili powder, salt, and pepper. Bring to a simmer.

Using a blender or immersion blender, blend a portion of the soup until smooth to create a creamy texture. Return the blended portion to the pot and mix well. Stir in heavy cream and shredded cheddar cheese. Simmer until the cheese is melted and the soup is heated through.