There are 1000's of agencies that accredit, and it depends on what level of acrediation you want. If you want to be an attorney you need to normally go to a law school that is approved by the State Bar association.
If you want to be a Catholic Priest you have to go to a seminary that is approved by the Catholic church.
There are many schools that just make up their own acrediation agency.
So the value of who they are acredited by makes all the difference
If you want a school that is accepted for government funding or that will be accepted by other schools or by all business you have to get one approved by a agency that is approved by the Dept of Education,
Basically if the school is not on this list, it is not approved by the Dept of Education
Institution Accreditation - Search Page
This gives some good info also
Ashwood University - Wikipedia, the free encyclopedia