Cook bacon in a 12-inch skillet over medium-high heat; remove and crumble.
Reserve 2-1/2 tablespoons drippings. Add mushrooms and garlic to reserved drippings, cook over medium heat stirring occasionally, 5 minutes or until mushrooms are tender and liquid is almost evaporated.
Add Lipton soup mix and pepper, then cream cheese; combine thoroughly. Simmer, stirring constantly, until cream cheese is melted.