Maybe it's got something to do with different time controls:
In correspondence I used to have a rating of 1500-something (on another chess site, not on CC - I don't currently play correspondence).
On CC I'm somewhere between 1000 and 1100 in blitz and between 1100 and 1200 in standard (which means 15-15 minutes for me - I don't play long games online).
I don't have an official OTB rating, but I'd estimate it somewhere around 1300-1400 - in my local club there are mostly 1500s and I mostly lose against them, however sometimes there's a win, at one time a draw against a 1600, ... Well, I'm going to start my first OTB tournament soon, so then we'll see :)
My rating in Fritz rated games (with long time controls) is also around 1300-1400.
So I'd guess, the faster the time controls, the weaker I play. Now I know that there are people where it's the opposite way, great blitz players that are not that good in long games, but if I'm in the majority, that would be an explanation why correspondence ratings seem inflated compared to OTB ratings for some people.
Of course, there's also the fact that the CC rating is Glicko, while the official ratings are basically Elo - but I think you can't say in general that Glicko ratings are higher than Elo?
I play live games and correspondence on a few different sites and my ratings are all in the 1500's.. inflated as compared to OTB? maybe.
I personally do not have any intention of OTB chess anytime soon so the online rating is important to me as it tracks my progress.