Rashes can be hard to diagnose. This article about rashes common in the breast area may give you some ideas about possible causes. Since this hasn't gotten better on its own and because using the wrong over-the-counter cream could make it worse, I'd suggest you call the doctor. If this area is very large (like covering a quarter or more of your breast), then you will want to move quickly to get treatment, and if the treatment doesn't work, ask the doctor about tests to rule out inflammatory breast cancer. A scaly rash on the nipple can be a type of cancer called Paget's Disease of the Breast. Your rash is probably not dangerous, but you want to get is checked out.
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