Simultaneous detection of THz emission and transient magneto-optical response is employed to study ultrafast laser-induced magnetization dynamics in multisublattice magnets NdFeCo and GdFeCo amorphous alloys with in-plane magnetic anisotropy. A satisfactory quantitative agreement between the dynamics revealed with the help of these two techniques is obtained for GdFeCo. For NdFeCo the THz emission reveals faster dynamics than the magneto-optical response. This indicates that in addition to spin dynamics of Fe ultrafast laser excitation triggers faster magnetization dynamics of Nd.