Accreditation is a consensus of bodies that an educational institute is worthy of providing quality education to its students. We don't but oh well!
It is important for a university to be accredited as it enforces its image as an institute that meets quality education standards and criteria. They are fake, we are fake!
In order to be accredited, the university has to meet certain criteria that the Fake Accreditation Board establishes. The fake board evaluates the institution's bogusness in terms of its mission, educational practices, administration, financial stability, policies & student services. The institutions fulfilling accreditation requirements under these heads are granted accreditation.
We grant this to special degree mills on the net. They have to display how fake they are and be proud of it. Then and only then will we let them join us.