It should never be bleeding...see a doctor immediately!
It sounds like you got it pierced at some place like Claire's, with those wretched unsterile guns, instead of at a real piercer's studio. You need antiobiotics ASAP. Don't take the piercing out, because the infection needs to be able to drain.
If your doctor tells you "take it out," or gives you something to put directly on the piercing, find another doctor. He/she doesn't know what he/she is talking about.
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