Gotta love those old 870's, they take a licking and keep on ticking. Break free or wd-40 and 0000 steel wool work very well to remove the rust freckling, the only problem is, you have pits now(even though minor), which will only get worse in time.
What I do is as stated, use break free or wd-40 and steel wool to remove the freckling and get it as clean as possible. Once thats done, I clean the part down with 91% Isopropl alchohol to degrease it, then apply a coat or 2 of Brownells Oxhpo cold blue. The Brownells Oxpho blue eats through the minor pits and coats them so further problem in eliminated, and it's lighter than factory bluing, so you can coat the whole receiver and not change the color while effctively eating away the minor pits. Just put it on with a cotton ball(use plastic gloves), let it sit a minute, dry it with a towel, and buff with 0000 steel wool. Do this one to 3 times till you're happy with the finnish, then coat it heavily with oil and let it sit a day or 2 to cure with the oil on it. I've taken many guns that looked like beaters due to rust and have made them look like brand new again doing this.