Have you tried Hydrocortisone cream yet?
Is there itching or just a white skin discoloration? Please see the doctor right away. Check for Lichen Schlerosis
These inner parts are quite sensitive so it's important to be very careful when shaving or not shave them at all. Best to leave shaving for the areas covered with normal skin. You might need to get this checked out by a medical professional. I'm sure you'll be fine. Best of luck :-)
Don't stress. This is more than likely an ingrown hair/ cyst that hasn't come to a head yet. Squeezing and tryin to pop it will make it sore and could introduce infection so try to avoid that.
Make sure to exfoliate the area to remove debris which may be blocking the folicle. Tea tree oil may also be applied to bring the hair out.
If not, you could get a warm flannel and compress it to the area for 15 minutes at a time, 2-3 times a day.
It's likely to go in its own time so don't stress.
Be sure to shave with the grain of the hair to prevent this in future.