Yesterday, Restless Pilgrim suggested (correctly) that my answer left "intimate fellowships" as deciding the correct interpretation of Scripture. I wanted to elevate my response from a comment to a post.
Note that the purpose of the Scriptures is to equip us for every good work (2 Tim. 3:16-17), not to resolve disputes over doubtful doctrines (1 Tim. 1:4ff). The Holy Spirit will not feed our "sick obsessions" (1 Tim. 6:3ff).
Intimate Fellowships and a "Living Authority" to Resolve Scriptural Disputes
If that intimate fellowship is the church, then the Scriptures tell us that "The Anointing will teach you all things, and it is true, and not a lie" (1 Jn. 2:27).
Other authorities have failed us. They have not produced the fruit Jesus spoke of. The promise of the Scriptures, however, is that disciples together, joined in Jesus’ name, will be led into what is true. They will speak the truth in love to one another, and they will be delivered from deceivers and from being tossed around on the waves of doctrine (Eph. 4:11-16).
Eph. 4:11-16 and 1 Jn. 2:27 settle the question of what church it is that is the pillar and authority of the truth (the "magisterium"). It’s the local church, as long as they are following Christ rather than just standing on tradition.
Rev. 2-3 is another great section showing us this. Jesus took responsibility for each of these local churches, speaking to them individually through John the elder.
So, yes, I’m saying that intimate fellowships—of disciples following Christ, committed to being the church—will be led into proper interpretations of Scripture by following Christ. The Holy Spirit resolves questions about what to do, which is the purpose of Scripture (2 Tim. 3:16-17); he will rarely resolve doctrinal disputes unless they have practical application or have some sort of important application to unity.