What is the brand and name of the fabric? If it quilt shop quality and a brand name, call them. Usually the company will replace the fabric. Now on to the bleeding. Take a large piece of the bleeding fabric and a piece of white fabric and put it in the wash with several color catchers. See how many washings it takes to come up with clear catchers and see if it will bleed onto the white cotton fabric. This will give you a basis for controlling the bleed and putting your work at risk with a continually bleeding fabric. If it continues to bleed, then replace the red in your quilt. Red is one of the worst...maybe indigo blue. I had a Moda deep burgundy marble that bled no matter how long I washed it. The quilt shop said that the dye was never set. Moda replaced it.....boy did I wash the new fabric! Had no problem with it.
I don't always wash my fabrics but I do test them all for bleeding prior to cutting.