We consider models of statistical mechanics and quantum field theory (in the Euclidean formulation) which are treated using renormalization group methods and where the action is a small perturbation of a quadratic action. We obtain multiscale formulas for the generating and correlation functions after n renorrealization group transformations which bring out the relation with the nth effective action. We derive and compare the formulas for different RGs. The formulas for correlation functions involve (1) two propagators which are determined by a sequence of approximate wave function renormalization constants and renormalization group operators associated with the decomposition into scales of the quadratic form and (2) field derivatives of the nth effective action. For the case of the block field "b-function" RG the formulas are especially simple and for asymptotic free theories only the derivatives at zero field are needed; the formulas have been previously used directly to obtain bounds on correlation functions using information obtained from the analysis of effective actions. The simplicity can be traced to an "orthogonality-of-scales" property which follows from an implicit wavelet structure. Other commonly used RGs do not have the "orthogonality of scales" property.