What Causes Itching Area On Labia With Reddish Discharge?

I have a large (1 inch long) hard place on my labia, that was twice the size, but has has a clear/reddish discharge for 2 days (which has stopped now, thereby decreasing the size. It is very itchy, but doesn't hurt like it did a couple of days ago. Is this something that will go away, or should I do something about it? Hydorcordizone cream? I have been using triple antibiotic cream for the past two days.