If you have a 1/4" drill bit, see if the collet tightens on this, DON'T bottom it out. If the collet fails to tighten, then it's best to replace it. Not really sure if there is such a thing as a "universal" collet. A "reducer" for the 1/2" collet, these are pretty much universal.
More info on the router would be helpful, model #, etc.
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