The accident may well have damaged the collet. Depending on the design of the collet, it might also have been damaged when you tightened it, because the cutter's shaft wasn't inserted far enough: they should stay parallel as the jaws relax, never conical. If it pinches at one end first, that is a sure sign of damage. Also look for damage around the rim, and any hint of asymmetry. I have 1/4" and 1/2" silver steel bars I can drop in the collets, usually to check vertical alignment of the router WRT the router table or fence. They are cheap (less than a decent cutter) and handy for checking, as you can rotate the shaft by hand to check for wobble, amplified by the length of the bar. I got mine from eBay.
Most quality-brand routers have spare collets available, even for quite old models, and there are a number of spares specialists on-line who stock them. Expect to pay £>20 +VAT and carriage (they are precision parts, but I suspect quite profitable for the stockists!). After an accident like that I would replace it as a matter of course, if it's in a small 1/4" router. The one for 1/4" use for my 1/2" model is much stronger, but I'd still check it out carefully.
Also, if the collet was "chock full of encrusted rubbish", the router probably has had a harder life than you imagine. So I'd also check the main bearing (check the shaft rotates nicely, that it isn't noisy when turned by hand, and there isn't any float). If in doubt replace.
You've had a shock, which is probably healthy for power-tool users once in a while (he said, speaking from personal experience). Don't let the thing bite you twice!
If in any doubt...