This study assessed and compared results from evidence-based screening tools to be filled out by caregivers to identify preschool children at risk of language impairment (LI) and dyslexia. Three different tools were used: one assessing children's communicative abilities, one assessing risk of developmental dyslexia, and one assessing early language skills. Caregivers of 79 children filled out the schemes. A typical group (n = 51) and a risk group (n = 28) were established on the background of the cutoff scores of all three tools. As expected, there was a significant difference between the typical and the risk groups, with a moderate correlation between the tool scores. Only four children from the risk group were identified by all three tools; seven were identified by two tools, and 17 children were identified by one tool alone. These subgroups varied as to risk severity, gender, and heredity. The variations seen in the risk group are in line with large-scale studies pointing to persistent and late-onset LI. This should encourage evidence-based preschool screening by caretakers to detect early risks of LI and dyslexia. However, a longitudinal design with individual follow-up during literacy training in school would validate the use of these tools.