Sounds like Piles which have become irritated from from frequent bowel movements - however you need to tell your doctor and get it checked as it can be other stuff like Chrohn's and Colitis. The most likely outcome is piles especially if it is bright red.
Diagnosis: Oct 07 - Non Specific Colitis (possible UC or Chrohn's but biopsy not confirmed by 2 seperate GI's) (Mild inflammation on Rectum, Plus some patchy inflammation on Right side of Colon). 2 small Piles also diagnosed but not clear whether they are bleeding or not.
Medication Still taking: 800mg Mesalazine (Asacol) 3 times a day appear to have stopped working.
Symptoms: Jun 08 - Bleeding returns with diarrhoea after taking meds for stomach ulcer. Sigmoidoscopy in June rules out rectal inflammation, Colonoscopy planned for August. (Doctor hinting it's Piles and IBS). No pain, no other symptoms.
Procedures: 2x Sigmoidoscopy result - all slight non specific inflammation non IBD. 1x Colonoscopy result - mild non specific inflammation on right hand side - IBD not confirmed. 1x OGD result - small ulcer. Barium MRI of stomach and small bowel result - all normal.