Brown the beef in a medium stockpot over medium heat, once browned remove the beef from the pot and drain it on a plate lined with paper towels.

Add the oil to the bottom of the pot with the onion and garlic, cook until they are softened.

Add in the browned beef, taco seasoning, Rotel, green chilies, beef stock, chili powder, salt, and pepper. Bring the soup up to a boil then cover and reduce it to low for 1 to 2 hour.

Right before serving stir in the cream cheese and cheddar cheese until the cheese is incorporated.

Top with extra cheese and sour cream if desired.