Beat cream cheese and vanilla extract for a couple of minutes, until smooth.
Melt white chocolate chips in the microwave at half power for about a minute, stir and melt for additional 30 seconds, again on half the power. Repeat for 30 more seconds if needed, again on half power.
Beat melted white chocolate and cream cheese until all combined.
Fold in peppermint crunch and transfer into a baking dish. Top with crushed graham crackers and bake for 12-15 minutes.
Recommended to serve with plain thin cracker crisps (no flavor). You will get the needed crunch without any additional sweetness from a cookie or flavored cracker.