How Can An Intermittently Itchy Skin Tag On The Right Leg Near The Vaginal Area Be Treated?

I am 65yrs old lady. For the last 3yrs I got skin tag (size of an walnut) on my right leg. It is located on my right leg crease near vaginal area. It itches sometimes and when I itch or remove the top skin, blood comes out. Otherwise nothing serious. Is this a tumour or just a regular skin tag since I am diabetic. Let me know. Shall I get it checked with a doctor? Thanks.