Red bump on dogs upper leg/body

My dog is a 8 year old bichon/ toy poodle and a couple days ago I noticed her continuously licking her upper leg/arm pit area. When I looked I saw this bump there. Is it just a skin tag or is it something I need to be worried about and get checked out? It has bled a little bit as she’s been licking it raw.

Hello!   This could be a wart.  There is a link here about warts, or you could type 'wart' into the search bar of our site blog.  https://vethelpdirect.com/vetblog/2020/10/17/why-does-my-dog-have-warts/

Other lumps might include a histiocytoma, or something more sinister.  I can see that this lump is causing an annoyance from the saliva-staining around it and your vet may want to see it in context.  Even if they suggest waiting in order to rule warts out, they may offer some advice about preventing self-trauma and keeping the skin in good condition.  Photographing a lump, when it is first noticed, with a ruler next to it, can pay dividends.

Other diffetentials could include a tumour or histiocytoma.  Where lumos do occur, they can sometimes be associated wuth a drop in immunity, so an examination may prove useful.

*doubly* useful.