To a microwave-safe bowl add chocolate chips. Microwave for 1 minute, stir and continue to melt chips in 15-second intervals until melted. Stir and set aside.
Pour heavy cream into a large bowl. Using an electric mixer whip the cream until soft peaks form. Set aside.
In a large bowl, add cream cheese and powdered sugar. Using a hand mixer, whip until blended. Add vanilla and melted chocolate chips and mix together. Fold in whipped cream until well blended. Cover and store in the refrigerator to chill.