1. Place cream cheese and cold pack Cheddar cheese in a microwave-safe bowl; slice cheese into chunks with a knife. Microwave cheese in 30-second intervals on high just until softened, stirring between intervals.
2. Stir red onion, Worcestershire sauce, paprika, and shreds into cheese mixture with a spoon until evenly combined; spoon into an airtight container and refrigerate, 8 hours to overnight.
3. Remove cheese spread from refrigerator about 30 minutes before serving.

Cook's Note:

Green onions can be substituted for red onions for a milder taste.

This can be formed into a cheese log or cheese ball for a nice presentation.

Once prepared, cheese spread can be stored in the refrigerator for up to 2 weeks.