Everywhere the highlight shows bold, it has a color of light yellow on my white background. This is not bold. Its unreadable. Is there anywhere I can change this color? I can clear the highlight where it is set, but it may be easier to change its color entirely.
I assume you are running Vim in a terminal.
Every terminal can interpret bold differently. For example on OS X there is a setting "Use bright colors for bold text". So you should check the preferences of your terminal.