I would guess it's a hypertrophic scar, but I'm not very familiar with those so don't just count on my word. If it is a hypertrophic scar, silicone gel or a silicone sheet could help with the colour and flattening it.

i had the same thought.if its been there for 3 yrs without change then it could be a scar.

did u have a pimple or anything right there before?

I don't think it's a scar. Looks to me to be what's called a sebaceous cyst. They're common on noses. They can hang around for donkey's years and are often not painful at all. Yours is red, which indicates inflammation so it's probably not a scar at all.

The material inside is not like a pimple (pus), but more of a fatty composition. So squeezing it often does nothing as they're extremely stubborn. You'd probably end up making yourself bleed but there'd be no goo from the bump coming out, hehe.

I had one on my chest once, very similar in looks to the bump on your nose. It had to be surgically removed. Sounds scary but it isn't. A simple incision and then the "contents" are removed and the wound is then dressed so that it heals. I didn't scar from this procedure.

Don't squeeze it! Go see a derm and ask them about the possibility of it being a sebaceous cyst.

Some more reading for you: http://www.primehealthchannel.com/sebaceous-cyst-epidermal-cyst-pictures-causes-treatment-and-removal.html

Thanks so much for your responses guys. Really appreciate it!