I like using the shredded paper. I use it because it is available to me. Newspaper seems to break down faster, and if given a choice between the two, I would use the newspaper. If you got it, use it. Add about 2/3 pint of water to about a four gallon bucket of shredded paper. Let the paper soak a bit and add a little peat, or dirt, or castings (just a handful)to get the microbials kick-started.
Shredded paper will also clump up a little, so I like to keep the top loosened from time to time.

Here is a link that might be useful: Vermies.Com

Thanks for the quick response. I just have loads of shredded paper and I figured that would be quicker than cutting up news paper. I plan to add some semi composted leaf litter from the compost bin.

actually office paper is great, and while newsprint [still fine for bedding] seems to "break down faster", it's just breaking up ... keep in mind that the fastest microbial decomposition happens at a C:N ration of around 30:1 ... newsprint has a C:N of 400-800:1, while office paper [and junk mail] is more like 200:1, good for mixing with food wastes, which are generally about 15-20:1

Bill