Why is there a bump on the inside of my nose? Is my week old piercing infected?

It could be scar tissue forming around the piercing.

Sure sounds like it to me. If it's painful, then I'd say that it is surely infected.

Scar tissue is normal if there is slight infection keep up your cleanings and make sure you do them well! It will take care of it. If it gets any worse take it out because your body is rejecting that piercing which I doubt that because nose rings do not have a high reject rate =) hope this helps.

I meant to say, I'm NOW getting a red mark on the outside of my nose. Is scar tissue normal? Should I have it looked at?

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