I think it is probably a benign skin tag, but I am not a medical professional. In the past I have used Dr. Scholl's® Freeze Away® wart remover to remove a similar "thing" from my inner arm near the elbow. At first I used it according to the directions, but that wasn't doing it, so I applied the freeze swab for a LONG time, until the "pins and needles" feeling went away, and then I put a band-aid on it and left it alone. The freezing breaks the cell structure of the wart or skin tag and the body then reabsorbs it. A dab of first-aid cream like neosporin will help protect against infection.
Skin tags are something we either do or do not have a propensity for. I recall that my grandmother had them and I found them scary, but I was young.
