In a large pot over medium heat, add a drizzle of oil and sauté diced onion and bell peppers until they soften, about 5–7 minutes.

Next, add the diced tender beef to the pot, seasoning it with salt and pepper. Cook for 5–7 minutes or until the beef is browned on all sides.

Once the beef is browned, stir in the cream cheese, allowing it to melt into the mixture for about 2–3 minutes.

Pour in the beef broth, stirring well to combine all ingredients. Increase the heat to bring the mixture to a gentle simmer for about 10 minutes.

After simmering, fold in the cooked bacon and stir for a couple of minutes to heat everything through.

In a small bowl, whisk together cornstarch with a bit of cold water until smooth. Gradually pour this mixture into the simmering soup, stirring continuously for 2–3 minutes.

Finally, stir in the shredded cheddar cheese and allow it to melt completely into the soup over low heat for about 3 minutes.

While the soup simmers, preheat your oven or a skillet to toast the bread. Top each slice with additional cheese and toast until golden brown and melty.

Ladle the creamy soup into bowls, accompanied by the cheesy toast on the side.