Preheat the oven to 350 degrees F. In a large bowl mix together cream cheese and sour cream. Mix in refried beans until combined. Mix in taco seasoning until well combined.
Spray a 9×13 inch baking dish with cooking spray. Spread the bean mixture evenly onto the bottom of the baking dish. Sprinkle cheddar and Monterey jack cheese on top.
Place into the oven and bake for 25-30 minutes or until the cheese has melted and is slightly browned. Serve with tortilla chips.