Place the cream cheese, butter and powdered sugar into the bowl of a standing mixer. Using a paddle attachment, beat the cream cheese mixture on LOW speed until blended (about 30 seconds). Increase the mixer speed to HIGH and continue beating for 5 minutes, scraping down the sides and bottom of the bowl every 2 minutes. Reduce the mixer speed to LOW and add the vanilla. Beat until well blended (about 15 seconds). Frosting will be thick, soft and creamy. Refrigerate the frosting for 1-2 hours until slightly stiff. Use frosting as desired.