Depends on what it is which you consider your options for.
If it is interpersonal, this can be a difficult choice;
If it is a mandatory report/incident but you don't want to own up to it: REPORT IT to cover yourself;
If it is a technical issue, minor or major, if not reported it may become more prominent and persistent, harder to rectify later: REPORT IT and let more trained personnel deal what it.
If you have reported something and you get pointing fingers afterwards, this in itself can be reported.
Every company has a just culture and should encourage reporting for data capture at the least. Pointing fingers at reporting staff does not fit into that just culture.