I remember watching this film on the TV in the early 80's. It was a horror and I'm pretty sure it was based on a true story. The only scene I can remember is when the creature (I'm sure it had hairy arms! ) punched its fist through the wall of a cabin in the woods where people were hiding from it and they started screaming... thats it!! I can't remember who was in it or how it ended.

There's a few horror films with scenes like that (The Beast Within springs to mind) but none I know of based on true stories.
Hairy arms makes me think of the Boggy Creek films, which were presented as if they were real and were on TV regularly around that time.

Thank you.. I have looked at those and I don't think they are the ones... thank you though and if you have anymore suggestions please let me know.

Maybe The Howling?

The Howling was what came to mind for me as well.