Preheat oven to 425F and line a baking sheet with parchment paper.
Cut the loaf of bread in half lengthwise and open. Set aside
Add garlic, shallots, parsley, salt and pepper to a food processor and pulse until chopped fine (or chop each ingredient up small and mix together).
In a medium bowl, combine butter and cream cheese using a spatula. Add the garlic mixture and mix together well.
Spread the garlic butter all over the inside of the bread. Top with cheese.
Bake for 15 minutes, keeping it covered for the first 8 minutes (with foil or parchment paper).
At the end of the 15 minutes, you can turn the broiler on high and broil for 1 minute to get the top a little browned.
Allow to cool about 5 minutes, cut and enjoy!