In a large saucepan, cook bacon over medium heat until crisp. Using a slotted spoon, remove to paper towels; drain, reserving 2 tablespoons drippings. In the drippings, saute mushrooms and onion until tender.

Add garlic; cook 1 minute longer. Stir in cream and broth. Gradually stir in cheese until melted.

In a small bowl, combine the cornstarch, salt, pepper and water until smooth.

Stir into soup. Bring to a boil; cook and stir for 2 minutes or until thickened.

Garnish with bacon.