How are you? Molluscum contagiosum is a common condition where small warty bumps (mollusca) appear on the skin. It is caused by a virus that can be passed on by skin contact or from contaminated towels, flannels, soft toys, etc. It is not serious and usually clears within 12-18 months without any treatment. It is caused by a virus which can be passed on by skin-to-skin contact. You can also be infected by touching things that have been contaminated by the virus. Molluscum contagiosum can affect anyone of any age. Most occur in children aged 1-4 years. Since how long is your child having this? And how many lesions are present and where they are located?
The mollusca will usually go away without treatment within 12-18 months. Having the rash does not limit your activities such as going to school, sports, swimming, etc. I would suggest that you wait for a period of 12-18 months and let them resolve spontaneously.
Most common treatment for this condition is sqeezing by a doctor or nurse using scalpel. The other treatments like use of liquid nitrogen, phenol and diathermy can be painful, and are not usually done on children.
It is not known whether imiquimod (aldara) is safe to use during pregnancy or on children younger than 12. Also results of treatment of molluscum contagiousum with aldara are not that satisfactory.
I would suggest that you discuss with your doctor, regarding the advantages and disadvantages of using aldara.