In a bowl, whip the cream cheese to soften and smooth any lumps.
Add the white cheddar cheese, bacon, 1/2 cup dried cranberries, Worcestershire sauce, and 1 tablespoon parsley. Blend everything together.
Place the mixture on a piece of plastic wrap. Form it into a ball and refrigerate for about 2 hours or until the cheese ball is firm.
On a plate, mix together the remaining 1/4 cup dried cranberries, 1 tablespoon parsley, and 1/2 cup chopped walnuts. Roll the cheeseball in this mixture to evenly coat.