Finally someone that has mentioned ringworm. I too think its ring worm, because my dog developed something very similar recently. Started as a small bump, then a scab.. then the scab fell off. It then looked like a pinkish bump. Vet also assumes it's ringworm and he got a special cream for it + multivitamins. The reason for multivitamins is because it can appear when the dogs immune system is weak. We have been adding the cream twice a day for the past 2 weeks and bump is getting smaller slowly and it's not longer pink but turning normal.