Stripped rack eyelet thread

I have one! Am using a Tubus disco rack on an aluminium-framed rockhopper for winter commute and occasional of-road touring. The thread is stripped off one of the rack eyelets and I'm wondering if it can be fixed. Are there some sort of inserts you can get to go into the stripped hole to make the screw bite again? If not, what's the best fix? I know I can mount the rack on the rear wheel skewer if I have to, but it makes the wheel a pain to remove if I get a puncture.
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is it an actuall hole that is now stripped or is it a rivnut that needs replacing?
Parktools :?:SheldonBrown
Option 1: Helicoil, the best solution as it returns the thread to its original state.
Option 2: Tap it out to a bigger thread. Means that any standard equipment you wish to attach will have to be modified
Option 3: If it is a thread that can be drill right through, you could drill through and use a nut and bolt.