This short excerpt from an article by Michael Horton coincides with a point I frequently make:

The best way to guard a true interpretation of Scripture, the Reformers insisted, was neither to naively embrace the infallibility of tradition, or the infallibility of the individual, but to recognize the communal interpretation of Scripture. The best way to ensure faithfulness to the text is to read it together, not only with the churches of our own time and place, but with the wider 'communion of saints' down through the age.

I would add to this that now with Christianity's exploding growth in the developing world, we also should incorporate their reading of Scripture into our communal interpretation. The point is that we have at our hands an incredibly rich and diverse amount of resources to aid us in uncovering the wealth of the biblical revelation, and it is our responsibility to make proper use of it.