is the spot an open sore or is it just a bump? Does it itch? Does it burn when you pee (when the urine goes over it, if on the outside of your vagina)? It could be numerous things. If you shave, it could be razor burn. I could be herpes or HPV. You do need to go to the doctor.
It could just be a skin tag, but it might be worth mentioning to your gynecologist.