It's a fungal infection - I got an anti fungal ointment from my doc, after that I never let it get that bad, it's really important to clean it every single day. If you are really hesitant about going to the doc, a friend (very good friend with the same problem), uses cream they use for jock itch. Because it's bleeding I really think you need to see your GP.
You need to review the problem with your doctor. You may need antibiotics or other treatment to clear up the problem.