If the bark comes off completely there is no saving it because the tree is girdled. So anyone here can offer specific advice you should post some photos so we can see what you're describing - get a view of the tree in the place in the yard, a view of the base of the tree, and close up on the bark to show the condition and what might be boring.
In general if you apply the
Sick Tree Treatment you may be able to reverse damage. And check to be sure the tree isn't too deep in the ground, the
root flare should be in view.