Place the cream cheese and cheddar cheese in the bowl of a food processor. Blend until mixture is smooth. Stir in 1/3 cup finely chopped dried cranberries.
Scoop mixture onto large piece of plastic wrap and form into ball. Chill until ready to serve.
Remove cheese ball from plastic wrap and roll in chopped pecans and remaining 1/3 cup of chopped dried cranberries.
Serve with crackers.