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Looking at the picture it looks like it could be a skin tag. Honestly it hard to tell for sure with the picture . Skin tags are completely benign and really only a nuisance since they often get caught in clothing and then become irritated. I would recommend you have a doctor check it out and remove it if it bothers you.
Any mole that changes dramatically needs to go and crusting or scabbing is definitely a reason to get rid of it. Most moles are easy and almost painlessly removed so get it done today.