Hi Mike,
Router collets (along with router bits) are consumables. They wear out. I've destroyed too many router bits (usually brand new) due to slipping collets. I now keep spare collets on hand and at the first sign of slippage, I crunch them in my metal working vice and then toss them. There is NO way someone will be digging through the trash and "helping" me by "saving" a collet.
I've come to the point where I am going to replace my little Makita router as the last replacement collet I purchased was ... poorly made (but in an official-looking package). Down spiral and compression bits will simply walk out of the collet without so much as a "so long, it's been fun" comment. And yes, my bench is still mad at me over the last incursion.
My Porter Cable 690 and 7518 routers have gobbled up quite a few collets as well ... the 7518 lives in my CNC router, so collet failure generally destroys the work and leaves a sad reminder on the spoilboard (BAD collet !!!).
I've verify cleaning the worn collets does no difference ... I just replace them (and usually the bit that slipped) and move on.
A point of reference ... I do check the bit shank diameters when I have issues with bits slipping, and generally I have to say the bits are not the problem. I also check the cutting diameter to make sure I adjust the tool file for the CNC ... there's nothing more enjoyable than finding several feet of dado's in a project are .003-.005" too narrow because the cutter has worn. (To be fair, I am constantly re-learning that zero clearance tolerance is not a good design feature in any material I work with).
I hope you find this helpful.
Regards,
Rick