Hi bankerboy30,
GMAC's current score reporting policies provide Test Takers with some great options in terms of handling their GMAT score data. If you cancel a GMAT score, that data will ONLY appear in your personal file (the one that YOU have access to) - Business Schools will never know that you took that Test. That option, combined with the shorter 'wait time' between Exams (currently, it's just 16 days) has influenced some Test Takers to rush and re-take the Exam repeatedly. If you happen to score lower than expected on Test Day, then rushing back in so soon to retake the GMAT can be problematic. It takes time to define what went wrong on Test Day and 'fix' whatever needs to be fixed - it's rarely a good idea to take the GMAT if you don't feel ready for it - even if you can cancel the score and retake the Test quickly.
1) Have you taken the Official GMAT yet?
2) When are you planning to take the GMAT?
GMAT assassins aren't born, they're made,
Rich